48-7A-1003. Annual report.

376 words·~2 min read·/sd/title-48/chapter-48-7/48-7a-1003

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A limited liability partnership, and a foreign limited liability partnership authorized to transact business in this state, shall file an annual report pursuant to §§ 59-11-24 to 59-11-26 , inclusive.

(b)Repealed by SL 2008, ch 275 , § 86.

(c)The secretary of state may revoke the statement of qualification of a partnership that fails to file an annual report when due or pay the required filing fee. To do so, the secretary of state shall provide the partnership at least sixty days' written notice of intent to revoke the statement. The notice must be mailed to the partnership at its chief executive office set forth in the last filed statement of qualification or annual report. The notice must specify the annual report that has not been filed, the fee that has not been paid, and the effective date of the revocation. The revocation is not effective if the annual report is filed and the fee is paid before the effective date of the revocation.

(d)A revocation under subsection

(c)only affects a partnership's status as a limited liability partnership and is not an event of dissolution of the partnership.

(e)A partnership whose statement of qualification has been revoked may apply to the secretary of state for reinstatement within two years after the effective date of the revocation. The applicant shall submit with the application the filing fee of one hundred twenty-five dollars, plus any delinquent annual reports and fees for the period prior to the reinstatement application. Delivery may be made by electronic transmission if and to the extent permitted by the Office of the Secretary of State. If the document is filed in typewritten or printed form and not transmitted electronically, the Office of the Secretary of State may require one exact or conformed copy to be delivered with the document. The application must state:

(1)The name of the partnership and the effective date of the revocation; and

(2)That the ground for revocation either did not exist or has been corrected.

(f)A reinstatement under subsection

(e)relates back to and takes effect as of the effective date of the revocation, and the partnership's status as a limited liability partnership continues as if the revocation had never occurred.