Minnesota 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 Minnesota Reservation of Limited Partnership Name refers to the process of reserving a specific name for a limited partnership in the state of Minnesota. Limited partnerships are business entities composed of one or more general partners who manage the business operations and bear unlimited liability, and one or more limited partners who contribute capital but have limited liability. In Minnesota, the reservation of a limited partnership name is essential to ensure that no other business entity can use the same or a confusingly similar name. This reservation provides the applicant with exclusive rights to use that name for the limited partnership for a specific period. To initiate the Minnesota Reservation of Limited Partnership Name, interested parties must file an application with the Secretary of State, ensuring compliance with state laws and regulations. The application must contain crucial information such as the desired name, the address of the principal place of business, the name and address of the applicant, and the proposed duration of the reservation. It is important to note that there are different types of Minnesota Reservation of Limited Partnership Name, which cater to specific situations or requirements. These include: 1. Initial Reservation: This type of reservation allows applicants to secure a name for a limited period, typically 60 days. During this period, the applicant can organize the necessary documentation and complete the filing process to establish the limited partnership officially. 2. Extension Reservation: In situations where the initial reservation is about to expire, applicants can request an extension of up to 180 days. This gives them additional time to fulfill the requirements needed to establish the limited partnership successfully. 3. Amended Reservation: If the applicant wishes to modify the previously reserved limited partnership name, an amended reservation can be filed. This might occur due to a change in the business focus, legal restrictions, or a desire to create a more distinctive identity. The Minnesota Reservation of Limited Partnership Name process plays a significant role in maintaining transparency and fairness in the state's business landscape. By reserving a name, entrepreneurs can secure their preferred identity and reduce the likelihood of confusion or misrepresentation in the marketplace. Therefore, it is crucial for individuals and entities planning to establish a limited partnership in Minnesota to be aware of and utilize the reservation system to protect their business's integrity and reputation.

The Minnesota Reservation of Limited Partnership Name refers to the process of reserving a specific name for a limited partnership in the state of Minnesota. Limited partnerships are business entities composed of one or more general partners who manage the business operations and bear unlimited liability, and one or more limited partners who contribute capital but have limited liability. In Minnesota, the reservation of a limited partnership name is essential to ensure that no other business entity can use the same or a confusingly similar name. This reservation provides the applicant with exclusive rights to use that name for the limited partnership for a specific period. To initiate the Minnesota Reservation of Limited Partnership Name, interested parties must file an application with the Secretary of State, ensuring compliance with state laws and regulations. The application must contain crucial information such as the desired name, the address of the principal place of business, the name and address of the applicant, and the proposed duration of the reservation. It is important to note that there are different types of Minnesota Reservation of Limited Partnership Name, which cater to specific situations or requirements. These include: 1. Initial Reservation: This type of reservation allows applicants to secure a name for a limited period, typically 60 days. During this period, the applicant can organize the necessary documentation and complete the filing process to establish the limited partnership officially. 2. Extension Reservation: In situations where the initial reservation is about to expire, applicants can request an extension of up to 180 days. This gives them additional time to fulfill the requirements needed to establish the limited partnership successfully. 3. Amended Reservation: If the applicant wishes to modify the previously reserved limited partnership name, an amended reservation can be filed. This might occur due to a change in the business focus, legal restrictions, or a desire to create a more distinctive identity. The Minnesota Reservation of Limited Partnership Name process plays a significant role in maintaining transparency and fairness in the state's business landscape. By reserving a name, entrepreneurs can secure their preferred identity and reduce the likelihood of confusion or misrepresentation in the marketplace. Therefore, it is crucial for individuals and entities planning to establish a limited partnership in Minnesota to be aware of and utilize the reservation system to protect their business's integrity and reputation.