Illinois Compiled Statutes 210 ILCS 46/1-106 – Affiliate
Current as of: 2024 | Check for updates
|
Other versions
“Affiliate” means:
(1) With respect to a partnership, each partner
(1) With respect to a partnership, each partner
|
thereof.
|
(2) With respect to a corporation, each officer,
|
director and stockholder thereof.
|
(3) With respect to a natural person: any person
|
related in the first degree of kinship to that person; each partnership and each partner thereof of which that person or any affiliate of that person is a partner; and each corporation in which that person or any affiliate of that person is an officer, director or stockholder.
|
Terms Used In Illinois Compiled Statutes 210 ILCS 46/1-106
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.