Illinois Compiled Statutes 805 ILCS 40/2.01 – Formation of benefit corporations
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Terms Used In Illinois Compiled Statutes 805 ILCS 40/2.01
- 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.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
A benefit corporation must be formed in accordance with Article 2 of the Business Corporation Act of 1983 or be a foreign benefit corporation organized under the laws of another state and authorized to transact business in this State. In addition to the formation requirements of that Act, the articles of incorporation of a benefit corporation must state that it is a benefit corporation in accordance with the provisions of this Article.