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The Illinois LP 201 form is a crucial document for establishing a limited partnership in the state. This form, officially known as the Certificate of Limited Partnership, is governed by the Illinois Uniform Limited Partnership Act. It must be submitted in duplicate to the Secretary of State's Department of Business Services, along with a filing fee of $150. The form requires specific information, including the name of the limited partnership, which must include terms like "Limited Partnership," "L.P.," or "LP," while avoiding terms such as "Company" or "Corporation." Additionally, the form mandates the address where business records will be maintained, the designation of a registered agent, and the partnership's purpose. Furthermore, it allows for optional disclosures regarding the total contributions made by partners and any agreements about membership termination and distribution rights. Signatures from all general partners are required, affirming the accuracy of the information provided. Proper payment methods are outlined, emphasizing that cash should not be sent. This form is essential for anyone looking to navigate the legal landscape of limited partnerships in Illinois, ensuring compliance and proper establishment of the partnership structure.

Things to Know About This Form

What is the Illinois LP 201 form?

The Illinois LP 201 form is a Certificate of Limited Partnership that must be filed with the Secretary of State in Illinois. This form is essential for establishing a limited partnership in the state and outlines key information about the partnership, including its name, registered agent, and purpose. It is important to submit the form in duplicate, ensuring that all necessary details are accurately provided.

What are the requirements for naming a limited partnership?

When naming a limited partnership in Illinois, the name must include specific terms such as “Limited Partnership,” “L.P.,” “LP,” or “LLLP.” Additionally, the name cannot contain words like “Company,” “Corporation,” “Incorporated,” “Inc.,” “Co.,” or “Corp.” This requirement helps to clearly identify the business structure and avoids confusion with other types of business entities.

How much does it cost to file the LP 201 form?

The filing fee for the Illinois LP 201 form is $150. Payment must be made using a certified check, cashier’s check, Illinois attorney’s check, Illinois C.P.A.’s check, or money order, all payable to the Secretary of State. It is crucial to avoid sending cash, as it will not be accepted.

What information is required in the LP 201 form?

The LP 201 form requires several pieces of information, including the name of the limited partnership, the address where records will be kept, details about the registered agent, and the partnership's purpose. Additionally, if applicable, the form allows for optional information such as the total contributions made by partners and any specific rights regarding membership termination and distribution.

Who needs to sign the LP 201 form?

All general partners are required to sign the Certificate of Limited Partnership. This ensures that everyone involved in the partnership acknowledges the contents of the form and affirms that the information provided is accurate. Signatures must be in black ink on the original document, while carbon copies or photocopies are only acceptable on conformed copies.

Can I submit the LP 201 form electronically?

As of now, the LP 201 form must be submitted in paper format. The Secretary of State requires a physical copy of the document along with the appropriate filing fee. It is advisable to check the official website or contact the Department of Business Services for any updates regarding electronic filing options.

What happens after I submit the LP 201 form?

Once the LP 201 form is submitted, the Secretary of State will review the application. If everything is in order, the partnership will be officially registered, and a confirmation will be issued. This process typically takes a few weeks, so it is wise to plan accordingly if you need the partnership established by a certain date.

Where can I find more information about the LP 201 form?

For additional details about the LP 201 form, you can visit the official website of the Illinois Secretary of State at www.cyberdriveillinois.com. This site provides resources and guidance for business filings, including information on limited partnerships and other business structures in Illinois.

Key takeaways

Here are some key takeaways about filling out and using the Illinois LP 201 form:

  • Payment Requirements: You must pay the filing fee of $150 using a certified check, cashier’s check, Illinois attorney’s check, Illinois CPA’s check, or money order. Cash is not accepted.
  • Filing in Duplicate: Remember to submit two copies of the completed form. This is essential for processing your application.
  • Clear Information: Type or print your information clearly. Ensure that the limited partnership name includes “Limited Partnership,” “L.P.,” “LP,” or “LLLP,” and avoid prohibited terms like “Company” or “Inc.”
  • Signatures Required: All general partners must sign the form in black ink. Make sure to use original signatures, as photocopies or rubber stamps are only acceptable on conformed copies.

Common mistakes

  1. Incorrect Name Format: The name of the limited partnership must include specific terms such as “Limited Partnership,” “L.P.,” “LP,” or “LLLP.” Failing to include these terms can lead to rejection of the form.

  2. Use of P.O. Box: The address for the office where records are kept must be a physical street address. Submitting a P.O. Box alone is unacceptable and will result in a delay.

  3. Missing Registered Agent Information: Every limited partnership must have a registered agent. Omitting this information can cause complications in legal notifications.

  4. Failure to Specify Purpose: The form requires a description of the partnership's purpose. Not providing this detail can lead to unnecessary questions or rejections.

  5. Incorrect Payment Method: Payment must be made via certified check, cashier’s check, or money order. Cash is not accepted, and using the wrong payment method can halt the filing process.

  6. Signatures in Incorrect Ink: All signatures must be in black ink. Using other colors or methods, such as photocopies or stamps, will not be accepted on the original document.

  7. Incomplete Partner Information: Each general partner must provide their signature and printed name. Missing signatures or names can lead to delays in processing.

  8. Not Submitting in Duplicate: The form must be submitted in duplicate. Failing to provide two copies can result in processing issues or additional requests from the Secretary of State’s office.

How to Fill Out Illinois Lp 201

Filling out the Illinois LP 201 form is an essential step in establishing a limited partnership in the state of Illinois. After completing this form, you will need to submit it in duplicate along with the required filing fee. Below are the steps to guide you through the process of filling out the form accurately.

  1. Enter the Limited Partnership Name: Write the name of your limited partnership. Ensure it includes “Limited Partnership,” “L.P.,” “LP,” or “LLLP.” Avoid using words like “Company,” “Corporation,” “Incorporated,” “Inc.,” “Co.,” or “Corp.”
  2. Provide the Office Address: Fill in the street address where the records will be kept. Remember, a P.O. Box is not acceptable. Include the city, state, and ZIP code.
  3. Designate a Registered Agent: Write the name of the registered agent. Then, provide the registered office address, ensuring it is also a physical address in Illinois, not just a P.O. Box.
  4. State the Limited Partnership’s Purpose: You can either state that the partnership will conduct any lawful business or specify a particular purpose.
  5. Indicate if it is a Limited Liability Limited Partnership: Mark “Yes” or “No” to indicate whether your partnership is a Limited Liability Limited Partnership.
  6. Report Contributions: Optionally, you can indicate the total dollar amount of cash, property, and services contributed by all partners.
  7. Detail Membership Rights: If agreed upon, provide a brief statement regarding the partners’ membership termination and distribution rights.
  8. Sign the Document: All general partners must sign the form in black ink. Include the date next to each signature. Each partner should also print their name and title, along with the name and address of their entity if applicable.

Once you have completed these steps, ensure that you have two copies of the form ready for submission. Remember to include the filing fee, which must be paid by certified check, cashier’s check, Illinois attorney’s check, Illinois C.P.A.’s check, or money order made out to the Secretary of State. Avoid sending cash. After submitting, you will be one step closer to establishing your limited partnership.

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