Sec. 704. Statement of dissociation.
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/il/chapter-805/act-206/704A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 704. Statement of dissociation.
(a)A dissociated partner or the partnership may file a statement of dissociation stating the name of the partnership and that the partner is dissociated from the partnership.
(b)A statement of dissociation is a limitation on the authority of a dissociated partner for the purposes of Section 303(d) and (e).
(c)For the purposes of Sections 702(a)(3) and 703(b)(3) of this Act, a person not a partner is deemed to have notice of the dissociation 90 days after the statement of dissociation is filed.