ILCS » Chapter 805 · Act 206
Illinois Compiled Statutes

805 ILCS 206/204 (2026)

When property is partnership property

✓ current as of May 2026
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(805 ILCS 206/204)
    Sec. 204. When property is partnership property.
    (a) Property is partnership property if acquired in the name of:
        (1) the partnership; or
        (2) one or more partners with an indication in the
    
instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership but without an indication of the name of the partnership.
    (b) Property is acquired in the name of the partnership by a transfer to:
        (1) the partnership in its name; or
        (2) one or more partners in their capacity as
    
partners in the partnership, if the name of the partnership is indicated in the instrument transferring title to the property.
    (c) Property is presumed to be partnership property if purchased with partnership assets, even if not acquired in the name of the partnership or of one or more partners with an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership.
    (d) Property acquired in the name of one or more of the partners, without an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership and without use of partnership assets, is presumed to be separate property, even if used for partnership purposes.
(Source: P.A. 92-740, eff. 1-1-03.)


 
    (805 ILCS 206/Art. 3 heading)
ARTICLE 3
RELATIONS OF PARTNERS TO
PERSONS DEALING WITH PARTNERSHIP

    
Notes of Decisions
Cited in 1 case, 2010–2010 · leading case: DeGeer v. Gillis, 707 F. Supp. 2d 784 (N.D. Ill. 2010).
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DeGeer v. Gillis, 707 F. Supp. 2d 784 (N.D. Ill. 2010). “” 805 ILCS 206/204(d). According to the defendants, since DeGeer alleges that the Earn-Out was paid to them in exchange for the work they performed for Huron, it should be presumed that the funds are not partnership property.”
— 805 ILCS 206/204(d) — 1 case
DeGeer v. Gillis, 707 F. Supp. 2d 784 (N.D. Ill. 2010). “” 805 ILCS 206/204(d). According to the defendants, since DeGeer alleges that the Earn-Out was paid to them in exchange for the work they performed for Huron, it should be presumed that the funds are not partnership property.”
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