Illinois Compiled Statutes
805 ILCS 206/ - Uniform Partnership Act (1997).
Article 2 - Nature Of Partnership

(805 ILCS 206/Art. 2 heading)

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

(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.)

(805 ILCS 206/204)
Sec. 204.
When property is partnership property.
(a) Property is partnership property if acquired in the name of:
(b) Property is acquired in the name of the partnership by a transfer to:
(c) Property is presumed to be partnership property if purchased with
partnership
assets, even if not acquired in the name of the partnership or of one or more
partners with an
indication in the instrument transferring title to the property of the person's
capacity as a partner
or of the existence of a partnership.
(d) Property acquired in the name of one or more of the partners, without an
indication in the
instrument transferring title to the property of the person's capacity as a
partner or of the
existence of a partnership and without use of partnership assets, is presumed
to be separate
property, even if used for partnership purposes.

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