JurisdictionIllinoisTopicBUSINESS AND EMPLOYMENT
Ch. 805BUSINESS ORGANIZATIONS
Act 805 ILCS 206/Uniform Partnership Act (1997).
Art.Article 10 - Limited Liability Partnership
This text of Illinois § 1001 (Statement of qualification) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)A partnership may become a limited liability partnership pursuant to this Section.
(b)The terms and conditions on which a partnership becomes a limited liability partnership must be approved by the vote necessary to amend the partnership agreement except, in the case of a partnership agreement that expressly considers obligations to contribute to the partnership, the vote necessary to amend those provisions.
(c)After the approval required by subsection (b) of this Section, a partnership may become a limited liability partnership by filing a statement of qualification with the Secretary of State. The statement must contain:
(1)the name of the partnership;
(2)the street address of the partnership's chief executive office and, if different, the street address of an office in this Stat
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(a) A partnership may become a limited liability partnership pursuant to this Section. (b) The terms and conditions on which a partnership becomes a limited liability partnership must be approved by the vote necessary to amend the partnership agreement except, in the case of a partnership agreement that expressly considers obligations to contribute to the partnership, the vote necessary to amend those provisions. (c) After the approval required by subsection (b) of this Section, a partnership may become a limited liability partnership by filing a statement of qualification with the Secretary of State. The statement must contain: (1) the name of the partnership; (2) the street address of the partnership's chief executive office and, if different, the street address of an office in this State, if any; (3) the name and street address of the partnership's agent for service of process; (4) the number of partners; (5) a brief statement of the business in which the partnership engages; (6) a statement that the partnership applies for qualification as a limited liability partnership; and (7) a deferred effective date, if any, of an application for status as a limited liability partnership. (d) The agent of a limited liability partnership for service of process must be an individual who is a resident of this State or other person authorized to do business in this State. (e) The status of a partnership as a limited liability partnership is effective on the later of the filing of the statement or a date specified in the statement and the receipt by the Secretary of State of the required fee. The status remains effective for one year after the date a statement of qualification is filed, regardless of changes in the partnership, unless the partnership voluntarily withdraws by filing a statement of withdrawal, in which event the status of the partnership as a limited liability partnership shall terminate on the date such statement is filed or, if later, a date specified on the statement. (f) The status of a partnership as a limited liability partnership and the liability of its partners is not affected by errors or later changes in the information required to be contained in the statement of qualification under subsection (c) of this Section. (g) The filing of a statement of qualification establishes that a partnership has satisfied all conditions precedent to the qualification of the partnership as a limited liability partnership. (h) An amendment or cancellation of a statement of qualification is effective when it is filed or on a deferred effective date specified in the amendment or cancellation. (i) The Secretary of State shall register as a limited liability partnership any partnership that submits a completed application with the required fee. (j) The Secretary of State shall provide statements for registration application, renewal of registration and voluntary cancellation.