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Illinois Partnership Agreement

Illinois Partnership Agreement

Updated March 19, 2024

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.[1]

Partnership Types

  • General Partnerships (GP)[2]
  • Limited Partnership (LP)[3]
  • Limited Liability Partnership (LLP)[4]
  • Limited Liability Limited Partnership (LLLP)[5]
  • Limited Liability Companies (LLC)[6]

Sources

  1. 805 ILCS 206/201
  2. §§ 215/401 — 215/408
  3. §§ 215/0.01 — 215/1402
  4. §§ 206/1001 — 206/1005
  5. § 805 ILCS 215/108
  6. § 805 ILCS 180