Illinois Compiled Statutes 805 ILCS 206/603 – Effect of partner’s dissociation
Current as of: 2024 | Check for updates
|
Other versions
(a) If a partner’s dissociation results in a dissolution and winding up of the partnership business, Article 8 of this Act applies; otherwise, Article 7 applies.
(b) Upon a partner’s dissociation:
(1) the partner’s right to participate in the
(b) Upon a partner’s dissociation:
Terms Used In Illinois Compiled Statutes 805 ILCS 206/603
- 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.
(1) the partner’s right to participate in the
|
management and conduct of the partnership business terminates, except as otherwise provided in Section 803;
|
(2) except as provided in clause (3) of this
|
subsection, a partner’s duties terminate; and
|
(3) the partner’s duty of loyalty under Section
|
404(b)(1) and (2) and duty of care under Section 404(c) continue only with regard to matters arising and events occurring before the partner’s dissociation, unless the partner participates in winding up the partnership’s business pursuant to Section 803.
|