Illinois Code § 805 ILCS 206/103

Effect of partnership agreement;
Open in Lexace · Ask the AI about this section
nonwaivable provisions.

 
(a) Except as otherwise provided in subsection (b), relations among the
partners and between
the partners and the partnership are governed by the partnership agreement. To
the extent the
partnership agreement does not otherwise provide, this Act governs relations
among the partners
and between the partners and the partnership.

 
(b) The partnership agreement may not:

 
 
(1) vary the rights and duties under Section 105 
 
except to eliminate the duty to provide copies of statements to all of the partners;

 
 
(2) unreasonably restrict the right of access to 
 
books and records under Section 403(b);

 
 
(3) eliminate or reduce a partner's fiduciary duties, 
 
but may:

 
 
 
(i) identify specific types or categories of 
 
 
activities that do not violate these duties, if not manifestly unreasonable; and

 
 
 
(ii) specify the number or percentage of partners 
 
 
that may authorize or ratify, after full disclosure of all material facts, a specific act or transaction that otherwise would violate these duties;

 
 
(4) eliminate or reduce the obligation of good faith 
 
and fair dealing under Section 404(d), but the partnership agreement may prescribe the standards by which the performance of the obligation is to be measured, if the standards are not manifestly unreasonable;

 
 
(5) vary the power to dissociate as a partner under 
 
Section 602(a), except to require the notice under Section 601(1) to be in writing;

 
 
(6) vary the right of a court to expel a partner in 
 
the events specified in Section 601(5);

 
 
(7) vary the requirement to wind up the partnership 
 
business in cases specified in Section 801(4), (5), or (6);

 
 
(8) vary the law applicable to a limited liability 
 
partnership under Section 106(b); or

 
 
(9) restrict the rights of a person, other than a 
 
partner and transferee of a partner's transferable interest under this Act.

except to eliminate the duty to provide copies of statements to all of the partners;
books and records under Section 403(b);
but may:
activities that do not violate these duties, if not manifestly unreasonable; and
that may authorize or ratify, after full disclosure of all material facts, a specific act or transaction that otherwise would violate these duties;
and fair dealing under Section 404(d), but the partnership agreement may prescribe the standards by which the performance of the obligation is to be measured, if the standards are not manifestly unreasonable;
Section 602(a), except to require the notice under Section 601(1) to be in writing;
the events specified in Section 601(5);
business in cases specified in Section 801(4), (5), or (6);
partnership under Section 106(b); or
partner and transferee of a partner's transferable interest under this Act.

‹ Prev All Illinois sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.