Illinois General Assembly - Illinois Compiled Statutes

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805 ILCS 206/101

(805 ILCS 206/101)

Sec. 101. Definitions. In this Act:

(a) "Business" includes every trade, occupation, and profession.

(b) "Debtor in bankruptcy" means a person who is the subject of:

(1) an order for relief under Title 11 of the United

States Code or a comparable order under a successor statute of general application; or

(2) a comparable order under federal, state, or

foreign law governing insolvency.

(c) "Distribution" means a transfer of money or other property from a
partnership to a partner
in the partner's capacity as a partner or to the partner's transferee.

(d) "Foreign limited liability partnership" means a partnership that:

(1) is formed under laws other than the laws of this

State; and

(2) has the status of a limited liability partnership

under those laws.

(e) "Limited liability partnership" means a partnership that has filed a
statement of
qualification under Section 1001 and does not have a similar statement in
effect in any other
jurisdiction.

(f) "Partnership" means an association of 2 or more persons to carry on as
co-owners a
business for profit formed under Section 202 of this Act, predecessor law, or
comparable law of
another jurisdiction.

(g) "Partnership agreement" means the agreement, whether written, oral, or
implied, among
the partners concerning the partnership, including amendments to the
partnership agreement.

(h) "Partnership at will" means a partnership in which the partners have not
agreed to
remain partners until the expiration of a definite term or the completion of a
particular
undertaking.

(i) "Partnership interest" or "partner's interest in the partnership" means
all of a partner's
interests in the partnership, including the partner's transferable interest and
all management and
other rights.

(j) "Person" means an individual, corporation, limited liability company, business trust, estate,
trust, partnership,
association, joint venture, government, governmental subdivision, agency, or
instrumentality, or
any other legal or commercial entity.

(k) "Property" means all property, real, personal, or mixed, tangible or
intangible, or any
interest therein.

(l) "State" means a state of the United States, the District of Columbia,
the Commonwealth of
Puerto Rico, or any territory or insular possession subject to the jurisdiction
of the United States.

(m) "Statement" means a statement of partnership authority under Section 303
of this Act, a
statement of denial under Section 304, a statement of dissociation under
Section 704, a statement
of dissolution under Section 805, a statement of merger under Section 907 or
908, a statement
of qualification under Section 1001, a statement of withdrawal under Section
1001 or
1102, a statement
of foreign qualification under Section 1102, or an amendment or cancellation of
any of the
foregoing.

(n) "Transfer" includes an assignment, conveyance, lease, mortgage, deed,
and encumbrance.

(Source: P.A. 95-368, eff. 8-23-07.)