| 1. Failure to file annual report; revocation of status. A |
limited liability partnership required to deliver an annual |
report for filing, as provided by section 873, that fails to |
deliver its properly completed annual report to the Secretary of |
State shall pay, in addition to the regular annual report fee, |
the sum of $25, provided that the report is received by the |
Secretary of State prior to revocation of its status as a limited |
liability partnership. Upon a partnership's failure to file the |
annual report and to pay the annual report fee or the penalty, |
the Secretary of State, notwithstanding Title 4, chapter 25 5 and |
Title 5, chapter 375, shall revoke the status of that partnership |
as a foreign limited liability partnership or a registered |
limited liability partnership. The Secretary of State shall use |
the procedures set forth in section 859, subsection 1 relative to |
revoking the status of a partnership as a foreign limited |
liability partnership for revoking the status of a partnership as |
a registered limited liability partnership. A foreign limited |
liability partnership whose limited liability partnership status |
has been revoked under this subsection that wishes to do business |
again as a limited liability partnership in this State must |
follow the procedures set forth in section 808, subsection 3 |
relative to reinstatement of registered limited liability |
partnerships. A partnership whose status as a registered limited |
liability partnership has been revoked under this subsection may |
be reinstated by filing the current annual report together with |
the current annual filing fee and by paying the reinstatement fee |
of $125 for each year the limited liability partnership failed to |
file an annual report. The maximum reinstatement fee may not |
exceed $500, regardless of the number of delinquent reports or |
the period of delinquency. |