Illinois Compiled Statutes 805 ILCS 206/304 – Statement of denial
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Terms Used In Illinois Compiled Statutes 805 ILCS 206/304
- 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.
A partner or other person named as a partner in a filed statement of partnership authority or in a list maintained by an agent pursuant to Section 303(b) may file a statement of denial stating the name of the partnership and the fact that is being denied, which may include denial of a person’s authority or status as a partner. A statement of denial is a limitation on authority as provided in Section 303(d) and (e).