Illinois Compiled Statutes 805 ILCS 105/103.20 – Unauthorized assumption of corporate powers. All persons who assume …
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Terms Used In Illinois Compiled Statutes 805 ILCS 105/103.20
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Unauthorized assumption of corporate powers. All persons who assume to exercise corporate powers without authority to so do shall be jointly and severally liable for all debts and liabilities incurred or arising as a result thereof.