Illinois Clauses Relating to Venture Ownership Interests

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US-P0606-1BAM
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This sample form, containing Clauses Relating to Venture Ownership Interests document, is usable for corporate/business matters. The language is easily adaptable to fit your circumstances. You must confirm compliance with applicable law in your state. Available in Word format.
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FAQ

Under 805 ILCS 5/12.80 (the ?Survival Statute?), the dissolution of a corporation does not take away or impair any civil remedy available to or against the corporation, its directors, or shareholders for any claim existing prior to, at the time of, or after such dissolution, as long as the action or proceeding is ...

The Illinois Probate Act states in Article XV that the surviving spouse of a recently deceased person is entitled to an award from that person's estate in an amount the court finds reasonable to support the living of the surviving spouse for a period of 9 months after the decedent's death.

Choice of law clause, also known as a governing law clause, that allows the contract parties to choose the substantive law of Illinois to apply to the contract.

The Illinois probate process is a court-supervised legal procedure that is sometimes (but not always) required after someone dies. Its purpose is to make it clear who inherits the deceased person's property and to make sure valid debts and taxes are paid.

9.20. Reduction of paid-in capital. bankruptcy that specifically directs the reduction to be effected. (b) Notwithstanding anything to the contrary contained in this Act, at no time shall the paid-in capital be reduced to an amount less than the aggregate par value of all issued shares having a par value.

When a person dies, Illinois law generally requires that the decedent's estate go through the probate process. The exception to this rule is if the decedent owned no real estate at the time of death, and the remainder of the estate is valued at less than $100,000.

Divorce and Probate Law ing to the Illinois Probate Act, your will, even if it contains provisions for your ex-spouse, cannot be revoked by the existence of a divorce decree. All of the terms of your will remain in force with the exception of those granting powers or property to your former spouse.

Illinois Elective Share In Illinois, a surviving spouse can elect to renounce the decedent spouse's will and will then be entitled to, after all just claims are fully paid, the following: 1/3 of the estate if the decedent has descendants; or. 1/2 of the estate if the decedent has no descendants.

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Illinois Clauses Relating to Venture Ownership Interests