Illinois § 603 Effect of partner's dissociation

Illinois Statutes

§ 603 — Effect of partner's dissociation

Illinois § 603

JurisdictionIllinois

TopicBUSINESS AND EMPLOYMENT

Ch. 805BUSINESS ORGANIZATIONS

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

Art.Article 6 - Partner's Dissociation

This text of Illinois § 603 (Effect of partner's dissociation) 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. 603 (2026).

Text

(a)If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 of this Act applies; otherwise, Article 7 applies.

(b)Upon a partner's dissociation:

(1)the partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in Section 803;

(2)except as provided in clause (3) of this subsection, a partner's duties terminate; and (3) the partner's duty of loyalty under Section 404(b)(1) and (2) and duty of care under Section 404(c) continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to Section 803.

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(a) If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 of this Act applies; otherwise, Article 7 applies. (b) Upon a partner's dissociation: (1) the partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in Section 803; (2) except as provided in clause (3) of this subsection, a partner's duties terminate; and (3) the partner's duty of loyalty under Section 404(b)(1) and (2) and duty of care under Section 404(c) continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to Section 803.