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1998 SESSION

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HB 1273 Revised Uniform Limited Partnership Act.

Introduced by: W. W. Bennett, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Revised Uniform Limited Partnership Act. Allows domestic or foreign limited partnerships to be relieved of cancellation of their certificate of registration or limited partnership and to have such certificate reinstated by paying to the State Corporation Commission a reinstatement fee of $100 and any and all registration fees and penalties that were due prior to the cancellation of the certificate. The bill provides this reinstatement for (i) limited partnerships that failed to timely remit the assessed annual registration fee, (ii) limited partnerships that dissolved after discharging all debts, liabilities, and obligations, and (iii) foreign limited partnerships that surrendered their registration. The bill also modifies the name requirements for limited partnerships that also qualify as limited liability partnerships. Under current law, limited partnerships which are also limited liability partnerships must include both indicators ("LP" and "LLP") in their names.


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