Illinois Compiled Statutes 805 ILCS 206/804 – Partner’s power to bind partnership after dissolution. Subject to …
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Partner’s power to bind partnership after dissolution. Subject to Section 805 of this Act, a partnership is bound by a partner’s act after dissolution that:
(1) is appropriate for winding up the partnership
(1) is appropriate for winding up the partnership
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business; or
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(2) would have bound the partnership under Section
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301 before dissolution, if the other party to the transaction did not have notice of the dissolution.
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Terms Used In Illinois Compiled Statutes 805 ILCS 206/804
- 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.