Illinois Compiled Statutes 805 ILCS 206/203 – Partnership property
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Terms Used In Illinois Compiled Statutes 805 ILCS 206/203
- 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.
Property acquired by a partnership is property of the partnership and not of the partners individually.