First things first, is there such a thing as the "Illinois Implied Partnership Act?" I have searched high and low to no avail.
The reason that I am asking is that we had 2 borrowers form a partnership, with an even 50/50 split understood. They recently came in and borrowed under this partnership's name (I'll call it "ABC Widgets")
We had them complete our standard resolution, they had, through their accountant obtained a TIN in the name of ABC Widgets. ABC Widgets, through this transaction, took title to some property. When we asked them and their accountant if they had any sort of agreements or documentation for the partnership, we were told it wasn't necessary, due to the "Illinois Implied Partnership Act." I can't find this act anywhere.
Can any of you help? Thanks.