Updated February 11, 2022
An Illinois partnership agreement is a contract among two or more business partners defining the ownership rights, scope of duties and liabilities of each party. To form a limited liability partnership, the parties must file a statement of qualification with the Secretary of State (805 ILCS 206/201).
Partnership Types
- General Partnerships (GP) – §§ 215/401 — 215/408
- Limited Partnership (LP) – §§ 215/0.01 — 215/1402
- Limited Liability Partnership (LLP) – §§ 206/1001 — 206/1005
- Limited Liability Limited Partnership (LLLP) – § 805 ILCS 215/108
- Limited Liability Companies (LLC) – § 805 ILCS 180