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Terms Used In Illinois Compiled Statutes 240 ILCS 5/6

  • 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.
     If applicant is an unincorporated entity of any type, a partnership or sole proprietorship, and the business name or title used is such as to require registration of such name or title under “An Act in relation to the use of an assumed name and the conduct or transaction of business in this State”, approved July 17, 1941, the date of and the county in which the required filing was effected shall be stated.