(805 ILCS 206/406)
Sec. 406.
Continuation of partnership
beyond definite term or particular undertaking.
(a) If a partnership for a definite term or particular undertaking is
continued, without an
express agreement, after the expiration of the term or completion of the
undertaking, the rights
and duties of the partners remain the same as they were at the expiration or
completion, so far as
is consistent with a partnership at will.
(b) If the partners, or those of them who habitually acted in the business
during the term or
undertaking, continue the business without any settlement or liquidation of the
partnership, they
are presumed to have agreed that the partnership will continue.
(Source: P.A. 92-740, eff. 1-1-03.)
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