Illinois Statutes
§ 506 — Distribution in kind
Illinois § 506
JurisdictionIllinois
TopicBUSINESS AND EMPLOYMENT
Ch. 805BUSINESS ORGANIZATIONS
Act 805 ILCS 215/Uniform Limited Partnership Act (2001).
Art.Article 5 - Contributions and Distributions
This text of Illinois § 506 (Distribution in kind) 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. 506 (2026).
Text
A partner does not have a right to demand or receive any distribution from a limited partnership in any form other than cash. Subject to Section 812(b), a limited partnership may distribute an asset in kind to the extent each partner receives a percentage of the asset equal to the partner's share of distributions.
Free access — add to your briefcase to read the full text and ask questions with AI
Legislative History
(Source: P.A. 93-967, eff. 1-1-05.)
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(Repealed)§ 50-35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 § 506, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/805/506.