(805 ILCS 206/401)
Sec. 401.
Partner's rights and duties.
(a) Each partner is deemed to have an account that is:
(1) credited with an amount equal to the money plus |
| the value of any other property, net of the amount of any liabilities, the partner contributes to the partnership and the partner's share of the partnership profits; and
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(2) charged with an amount equal to the money plus
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| the value of any other property, net of the amount of any liabilities, distributed by the partnership to the partner and the partner's share of the partnership losses.
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(b) Each partner is entitled to an equal share of the partnership profits
and is chargeable with
a share of the partnership losses in proportion to the partner's share of the
profits.
(c) A partnership shall reimburse a partner for payments made and indemnify
a partner for
liabilities incurred by the partner in the ordinary course of the business of
the partnership or for
the preservation of its business or property.
(d) A partnership shall reimburse a partner for an advance to the
partnership beyond the
amount of capital the partner agreed to contribute.
(e) A payment or advance made by a partner which gives rise to a partnership
obligation
under subsection (c) or (d) of this Section constitutes a loan to the
partnership which accrues
interest from the date of the payment or advance.
(f) Each partner has equal rights in the management and conduct of the partnership business.
(g) A partner may use or possess partnership property only on behalf of the partnership.
(h) A partner is not entitled to remuneration for services performed for the partnership, except
for reasonable compensation for services rendered in winding up the business of the partnership.
(i) A person may become a partner only with the consent of all of the partners.
(j) A difference arising as to a matter in the ordinary course of business
of a partnership may
be decided by a majority of the partners. An act outside the ordinary course
of business of a
partnership and an amendment to the partnership agreement may be undertaken
only with the
consent of all of the partners.
(k) This Section does not affect the obligations of a partnership to other
persons under Section
301 of this Act.
(Source: P.A. 92-740, eff. 1-1-03.)
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