Illinois Reservation of Limited Partnership Name

• Category: Partnerships - Limited
• State: Multi-State
• Control #: US-P1205-1AM
• Format: Word; Rich Text

Description

This form is a model adaptable for use in partnership matters. Adapt the form to your specific needs and fill in the information. Don't reinvent the wheel, save time and money. The Illinois Reservation of Limited Partnership Name is an essential step for individuals or entities looking to establish a limited partnership in the state of Illinois. By reserving a name, the applicant ensures that their chosen limited partnership name remains available during the formation process. To begin the formation of a limited partnership in Illinois, it is crucial to select a unique and distinctive name that adheres to the state's regulations. The Reservation of Limited Partnership Name allows potential partners to temporarily secure their desired name before completing the necessary paperwork to establish the partnership. This precautionary measure prevents others from adopting the chosen name while the applicant prepares their formation documents. The reservation process involves submitting a written request to the Illinois Secretary of State's office along with the appropriate fee. This reservation request must include the desired limited partnership name, the full name and address of the person or entity making the reservation, and the duration of the reservation (usually up to 90 days). It is noteworthy that the Illinois Reservation of Limited Partnership Name is only valid for "limited partnerships" and not for other types of business entities such as corporations or limited liability partnerships. Limited partnerships are specific business structures that comprise general partners (liable for partnership obligations) and limited partners (providing investment but holding limited liability). Additionally, there are no specific types or variations of the Illinois Reservation of Limited Partnership Name. The reservation process is the same for all limited partnerships operating within the state of Illinois. In summary, the Illinois Reservation of Limited Partnership Name serves as an important initial step for individuals or businesses seeking to establish a limited partnership. By reserving a name, applicants can secure their desired business name temporarily, without concerns of others adopting it during the formation process. It provides a level of protection and assurance as they proceed in establishing their limited partnership entity in Illinois.

The Illinois Reservation of Limited Partnership Name is an essential step for individuals or entities looking to establish a limited partnership in the state of Illinois. By reserving a name, the applicant ensures that their chosen limited partnership name remains available during the formation process. To begin the formation of a limited partnership in Illinois, it is crucial to select a unique and distinctive name that adheres to the state's regulations. The Reservation of Limited Partnership Name allows potential partners to temporarily secure their desired name before completing the necessary paperwork to establish the partnership. This precautionary measure prevents others from adopting the chosen name while the applicant prepares their formation documents. The reservation process involves submitting a written request to the Illinois Secretary of State's office along with the appropriate fee. This reservation request must include the desired limited partnership name, the full name and address of the person or entity making the reservation, and the duration of the reservation (usually up to 90 days). It is noteworthy that the Illinois Reservation of Limited Partnership Name is only valid for "limited partnerships" and not for other types of business entities such as corporations or limited liability partnerships. Limited partnerships are specific business structures that comprise general partners (liable for partnership obligations) and limited partners (providing investment but holding limited liability). Additionally, there are no specific types or variations of the Illinois Reservation of Limited Partnership Name. The reservation process is the same for all limited partnerships operating within the state of Illinois. In summary, the Illinois Reservation of Limited Partnership Name serves as an important initial step for individuals or businesses seeking to establish a limited partnership. By reserving a name, applicants can secure their desired business name temporarily, without concerns of others adopting it during the formation process. It provides a level of protection and assurance as they proceed in establishing their limited partnership entity in Illinois.