2005 Illinois Code - 805 ILCS 205/ Uniform Partnership Act. Part IV - Relations Of Partners To One Another
(805 ILCS 205/Pt. IV heading)
PART IV
RELATIONS OF PARTNERS TO ONE ANOTHER
(805 ILCS 205/18) (from Ch. 106 1/2, par. 18)
(Section scheduled to be repealed on January 1, 2008)
Sec. 18.
Rights and duties of partners to each other.
The rights and
duties of the partners in relation to the partnership shall be determined,
subject to any agreement between them, by the following rules:
(a) Each partner shall be repaid his contribution, whether by way of
capital or advances to the partnership property and share equally in the
profits and surplus remaining after all liabilities, including those to
partners, are satisfied; and except as provided in subsection (b) of Section
15, each partner must contribute towards the losses, whether of
capital or otherwise, sustained by the partnership according to his share
in the profits.
(b) The partnership must indemnify every partner in respect of payments
made and personal liabilities reasonably incurred by him in the ordinary
and proper conduct of its business, or for the preservation of its business
or property.
(c) A partner, who in aid of the partnership makes any payment or
advance beyond the amount of capital which he agreed to contribute, shall
be paid interest from the date of the payment or advance.
(d) A partner shall receive interest on the capital contributed by him
only from the date when repayment should be made.
(e) All partners have equal rights in the management and conduct of the
partnership business.
(f) No partner is entitled to remuneration for acting in the partnership
business, except that a surviving partner is entitled to reasonable
compensation for his services in winding up the partnership affairs.
(g) No person can become a member of a partnership without the consent
of all the partners.
(h) Any difference arising as to ordinary matters connected with the
partnership business may be decided by a majority of the partners; but no
act in contravention of any agreement between the partners may be done
rightfully without the consent of all the partners.
(Source: P.A. 88‑573, eff. 8‑11‑94.)
|
(805 ILCS 205/19) (from Ch. 106 1/2, par. 19)
(Section scheduled to be repealed on January 1, 2008)
Sec. 19.
The partnership books shall be kept, subject to any agreement
between the partners, at the principal place of business of the
partnership, and every partner shall at all times have access to and may
inspect and copy any of them.
(Source: Laws 1917, p. 625.)
|
(805 ILCS 205/20) (from Ch. 106 1/2, par. 20)
(Section scheduled to be repealed on January 1, 2008)
Sec. 20.
Partners shall render on demand true and full information of all
things affecting the partnership to any partner or the legal representative
of any deceased partner or partner under legal disability.
(Source: Laws 1917, p. 625.)
|
(805 ILCS 205/21) (from Ch. 106 1/2, par. 21)
(Section scheduled to be repealed on January 1, 2008)
Sec. 21.
(1) Every partner must account to the partnership for any benefit,
and hold as trustee for it any profits derived by him without the consent
of the other partners from any transaction connected with the formation,
conduct, or liquidation of the partnership or from any use by him of its
property.
(2) This section applies also to the representatives of a deceased
partner engaged in the liquidation of the affairs of the partnership as the
personal representatives of the last surviving partner.
(Source: Laws 1917, p. 625.)
|
(805 ILCS 205/22) (from Ch. 106 1/2, par. 22)
(Section scheduled to be repealed on January 1, 2008)
Sec. 22.
Any partner shall have the right to a formal account as to
partnership affairs:
(a) If he is wrongfully excluded from the partnership business or
possession of its property by his co‑partners,
(b) If the right exists under the terms of any agreement,
(c) As provided by Section 21,
(d) Whenever other circumstances render it just and reasonable.
(Source: Laws 1917, p. 625.)
|
(805 ILCS 205/23) (from Ch. 106 1/2, par. 23)
(Section scheduled to be repealed on January 1, 2008)
Sec. 23.
(1) When a partnership for a fixed term or particular
undertaking is continued after the termination of such term or
particular undertaking without any express agreement, the rights and
duties of the partners remain the same as they were at such termination,
so far as is consistent with a partnership at will.
(2) A continuation of the business by the partners or such of them
as habitually acted therein during the term, without any settlement or
liquidation of the partnership affairs, is prima facie evidence of a
continuation of the partnership.
(Source: Laws 1917, p. 625.)
|
Disclaimer: These codes may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
