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Terms Used In Illinois Compiled Statutes 805 ILCS 105/106.10

  • 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.
     A contribution of a member may be evidenced by a written instrument delivered to the member, but such instrument shall not be denominated a “share of stock” or by any word or term implying that the instrument is a share as such term is used in the Business Corporation Act of 1983 as now in effect or as hereafter amended.