Pennsylvania Certificate Pursuant to Judicial Order Limited Partnership (PCP) is a type of limited partnership in the state of Pennsylvania. It is formed through a court order, rather than through the traditional filing of paperwork with the Pennsylvania Department of State. PCP is unique in that its purpose is to facilitate the transfer of assets or the continuation of a business venture when the general partner is unable or unwilling to manage the partnership. PCP can be broken down into two types: (1) Certificate of Limited Partnership, and (2) Certificate of Limited Partnership with General Partner. The Certificate of Limited Partnership is used to document the transfer of assets from a general partner to one or more limited partners. The Certificate of Limited Partnership with General Partner is used to document the continuation of a business venture when the general partner is unable or unwilling to manage the partnership. In both cases, the court order must state the terms of the partnership, the amount of capital to be contributed by each partner, the name and address of each partner, and the name of the general partner, if applicable. The court order must also designate an individual to act as the registered agent for the partnership. The Certificate of Limited Partnership or Certificate of Limited Partnership with General Partner must be filed with the Pennsylvania Department of State within 30 days of the court order. Both types of PCP must also file an annual report with the Pennsylvania Department of State. The annual report must include a list of all partners, the address of the partnership, and the amount of capital that each partner has contributed. Failure to file the annual report can result in fines or dissolution of the limited partnership.
Pennsylvania Certificate Pursuant to Judicial Order Limited Partnership
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