805 ILCS 206/ Uniform Partnership Act (1997).

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Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

805 ILCS 206/109

(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.)

805 ILCS 206/Art. 2

(805 ILCS 206/Art. 2 heading) ARTICLE 2

NATURE OF PARTNERSHIP

805 ILCS 206/201

(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.)

805 ILCS 206/202

(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

entireties, joint property, common property, or part ownership does not by itself establish a partnership, even if the co-owners share profits made by the use of the property.

(2) The sharing of gross returns does not by itself

establish a partnership, even if the persons sharing them have a joint or common right or interest in property from which the returns are derived.

(3) A person who receives a share of the profits of a

business is presumed to be a partner in the business, unless the profits were received in payment:

(i) of a debt by installments or otherwise;

(ii) for services as an independent contractor or

of wages or other compensation to an employee;

(iii) of rent;

(iv) of an annuity or other retirement or health

benefit to a beneficiary, representative, or designee of a deceased or retired partner;

(v) of interest or other charge on a loan, even

if the amount of payment varies with the profits of the business, including a direct or indirect present or future ownership of the collateral, or rights to income, proceeds, or increase in value derived from the collateral; or

(vi) for the sale of the goodwill of a business

or other property by installments or otherwise.

(Source: P.A. 92-740, eff. 1-1-03.)

805 ILCS 206/203

(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.)