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CHAPTER 805 BUSINESS ORGANIZATIONS
Uniform Partnership Act. - Relations of Partners
to One Another
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(805
ILCS 205/Pt. IV heading)
PART IV
RELATIONS OF PARTNERS TO ONE
ANOTHER
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(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scheduled to be repealed on January 1,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.)
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(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scheduled to be repealed on January 1,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.)
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(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.)
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(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.)
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(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.)
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(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.)
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