Illinois Statutes
§ 502 — Partner's transferable interest in partnership
Illinois § 502
JurisdictionIllinois
TopicBUSINESS AND EMPLOYMENT
Ch. 805BUSINESS ORGANIZATIONS
Act 805 ILCS 206/Uniform Partnership Act (1997).
Art.Article 5 - Transferees And Creditors Of Partner
This text of Illinois § 502 (Partner's transferable interest in partnership) 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. 502 (2026).
Text
The only transferable interest of a partner in the partnership is the partner's share of the profits and losses of the partnership and the partner's right to receive distributions. The interest is personal property.
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Legislative History
(Source: P.A. 92-740, eff. 1-1-03.)
Nearby Sections
15
§ 50
§ 50§ 50-1
Annual reports§ 50-10
Fees§ 50-15
Penalty§ 50-30
(Repealed)§ 50-35
Forms§ 50-40
File number§ 50-55
Disposition of feesCite This Page — Counsel Stack
Bluebook (online)
Illinois § 502, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/805/502.