Illinois § 405 Actions by partnership and partners

Illinois Statutes

§ 405 — Actions by partnership and partners

Illinois § 405

JurisdictionIllinois

TopicBUSINESS AND EMPLOYMENT

Ch. 805BUSINESS ORGANIZATIONS

Act 805 ILCS 206/Uniform Partnership Act (1997).

Art.Article 4 - Relations Of Partners To Each Other And To Partnership

This text of Illinois § 405 (Actions by partnership and partners) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

805 Ill. Comp. Stat. 405 (2026).

Text

(a)A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership.

(b)A partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to:

(1)enforce the partner's rights under the partnership agreement;

(2)enforce the partner's rights under this Act, including:

(i)the partner's rights under Section 401, 403, or 404;

(ii)the partner's right on dissociation to have the partner's interest in the partnership purchased pursuant to Section 701 or enforce any other right under Article 6 or 7; or (iii) the partner's right to compel a dissolution and winding up of the partnersh

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(a) A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership. (b) A partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to: (1) enforce the partner's rights under the partnership agreement; (2) enforce the partner's rights under this Act, including: (i) the partner's rights under Section 401, 403, or 404; (ii) the partner's right on dissociation to have the partner's interest in the partnership purchased pursuant to Section 701 or enforce any other right under Article 6 or 7; or (iii) the partner's right to compel a dissolution and winding up of the partnership business under or enforce any other right under Article 8; or (3) enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship. (c) The accrual of, and any time limitation on, a right of action for a remedy under this Section is governed by other law. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.