(805 ILCS 206/109)
Sec. 109.
Illinois Administrative Procedure Act.
The Illinois Administrative Procedure Act is expressly adopted and
incorporated in Articles
10 and 11 of this Act as if all of the provisions of the Illinois
Administrative Procedure Act were
included in Articles 10 and 11 of this Act, except that the provisions of
subsection (c) of
Section 10-65 of the Illinois Administrative Procedure Act, which provides that
at
a hearing the
licensee has the right to show compliance with all lawful requirements for
retention,
continuation, or renewal of the license, is specifically excluded, and for
the purposes of this
Act, the notice required under Section 10-25 of the Illinois Administrative
Procedure Act is
deemed sufficient when mailed to the last known address of a party.
(Source: P.A. 92-740, eff. 1-1-03.)
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(805 ILCS 206/Art. 2 heading) ARTICLE 2
NATURE OF PARTNERSHIP
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(805 ILCS 206/201)
Sec. 201.
Partnership as entity.
(a) A partnership is an entity distinct from its partners.
(b) A limited liability partnership continues to be the same entity that
existed before the filing
of a statement of qualification under Section 1001 of this Act.
(Source: P.A. 92-740, eff. 1-1-03.)
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(805 ILCS 206/202)
Sec. 202.
Formation of partnership.
(a) Except as otherwise provided in subsection (b), the association of 2
or more persons to
carry on as co-owners a business for profit forms a partnership, whether or not
the persons intend
to form a partnership.
(b) An association formed under a statute other than this Act, a predecessor
statute, or a
comparable statute of another jurisdiction is not a partnership under this Act.
(c) In determining whether a partnership is formed, the following rules
apply:
(1) Joint tenancy, tenancy in common, tenancy by the | ||
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(2) The sharing of gross returns does not by itself | ||
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(3) A person who receives a share of the profits of a | ||
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(i) of a debt by installments or otherwise;
(ii) for services as an independent contractor or | ||
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(iii) of rent;
(iv) of an annuity or other retirement or health | ||
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(v) of interest or other charge on a loan, even | ||
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(vi) for the sale of the goodwill of a business | ||
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(Source: P.A. 92-740, eff. 1-1-03.)
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(805 ILCS 206/203)
Sec. 203.
Partnership property.
Property acquired by a partnership is property of the partnership and not of
the partners
individually.
(Source: P.A. 92-740, eff. 1-1-03.)
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