LD 1767
pg. 26
Page 25 of 54 An Act To Amend the Laws Relating to Corporations, Limited Partnerships, Limite... Page 27 of 54
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LR 2593
Item 1
 
limited partnership administrative dissolution. Upon a limited
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 5 and Title 5, chapter 375, shall
revoke a foreign limited partnership's authority to do business in
this State and suspend administratively dissolve a domestic limited
partnership from doing business. The Secretary of State shall use
the procedures set forth in section 498, subsection 2, relative to
revoking the right of foreign limited partnerships to do business
in this State, for suspending domestic limited partnerships 408-B
to administratively dissolve a domestic limited partnership and the
procedure set forth in section 498-B to revoke a foreign limited
partnership's authority to transact business in this State. A
foreign limited partnership whose authority to do business in this
State has been revoked under this subsection that wishes to do
business again in this State must be authorized as provided in
section 492. A domestic limited partnership that has been
suspended administratively dissolved 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 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 section 408-B must follow the requirements set forth in
section 408-C to reinstate.

 
2. Nonconformity. If the Secretary of State finds that any
annual report of a domestic or foreign limited partnership
delivered for filing does not conform with the requirements of
section 529, the report must be returned for correction.

 
3. Suspension. A limited partnership while suspended may not
engage in business.

 
4. Excusable neglect. If the annual report of a domestic or
foreign limited partnership is not delivered for filing within
the time specified in section 529, the limited partnership is
excused from the liability provided in this section and from any
other penalty for failure to file timely the report, if it
establishes, to the satisfaction of the Secretary of State, that
failure to file was the result of excusable neglect and it
furnishes the Secretary of State with a copy of the report within
30 days after learning it learns that the Secretary of State
failed to receive the original report.

 
Sec. 46. 31 MRSA §608, as amended by PL 1999, c. 638, §§22 to 25,
is repealed.

 
Sec. 47. 31 MRSA §§608-A to 608-E are enacted to read:

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