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1996 SESSION

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HB 559 Limited partnerships; cancellation of certificate.

Introduced by: Franklin P. Hall | all patrons    ...    notes | add to my profiles

SUMMARY:

Limited partnerships; cancellation of partnership certificate for failure to pay annual registration fees. Establishes procedures for canceling a limited partnership's certificate for failure to pay annual registration fees. Under the bill's provisions, if a limited partnership fails to pay its annual registration fees by October 1 in the year assessed, the Virginia State Corporation Commission (SCC) will mail notice of impending certificate cancellation to the partnership. The certificate will then be cancelled by the SCC if the fee remains unpaid by December 31, and the partnership must then be dissolved and wound up. The bill provides further, however, that a limited partner in a partnership canceled for failure to pay its annual fees does not become liable as a general partner of the partnership. The bill also permits a limited partnership whose certificate has been thus canceled to have its certificate reinstated within two years of its cancellation upon payment to the SCC of late fees and a $100 reinstatement fee. Moreover, partnership liabilities incurred between cancellation and reinstatement are treated as if the cancellation had not occurred.


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