Get Illinois Lp 201 Form

Understanding the Illinois LP 201 form is essential for anyone looking to establish a limited partnership in the state. However, several misconceptions often arise regarding this form. Here are four common misunderstandings:

• The form can be submitted without payment. Many believe that the Illinois LP 201 form can be filed without any fees. In reality, a filing fee of $150 is required, and payment must be made using specific methods such as a certified check or money order.
• Any name can be used for the limited partnership. Some individuals think they can choose any name for their partnership. However, the name must include “Limited Partnership,” “L.P.,” “LP,” or “LLLP,” and cannot contain terms like “Company” or “Corporation.”
• A P.O. Box is acceptable for the address of the office. It is a common misconception that a P.O. Box can be used for the office address. The form specifically requires a physical street address, making P.O. Boxes unacceptable.
• All partners must sign in person. Some assume that all signatures on the form must be made in person. While original signatures are required, they can be obtained from partners who are not physically present, as long as they provide a conformed copy with their signatures.

Addressing these misconceptions can help streamline the process of completing and submitting the Illinois LP 201 form, ensuring compliance with state regulations.

When filling out the Illinois LP 201 form, it is important to follow specific guidelines to ensure the process goes smoothly. Here are some do's and don'ts to consider:

• Do type or print clearly to ensure all information is legible.
• Do submit the form in duplicate, as required by the instructions.
• Don't use a P.O. Box as the address for your office or registered agent; a physical street address is necessary.
• Don't send cash for payment; use a certified check, cashier’s check, or money order instead.

Illinois Lp 201: Usage Instruction

Once you have gathered all necessary information, you can begin filling out the Illinois LP 201 form. This form is essential for establishing a limited partnership in Illinois. Ensure you have a certified check, cashier’s check, Illinois attorney’s check, Illinois CPA’s check, or money order ready for the filing fee, which is $150. Remember to submit the form in duplicate.

1. Limited Partnership Name: Write the name of your limited partnership. It must include “Limited Partnership,” “L.P.,” “LP,” or “LLLP.” Avoid using terms like “Company,” “Corporation,” “Incorporated,” “Inc.,” “Co.,” or “Corp.”
2. Address of Office: Provide the street address where the records will be kept. A P.O. Box is not acceptable. Include the city, state, and ZIP code.
3. Registered Agent: Enter the name of your registered agent. Then, provide the registered office's street address, ensuring it is in Illinois. Again, a P.O. Box cannot be used. Include the city and ZIP code.
4. Limited Partnership’s Purpose: State the purpose of your limited partnership. You may write a general statement about lawful business or specify a particular purpose.
5. Limited Liability Limited Partnership: Indicate whether your entity is a Limited Liability Limited Partnership by checking “Yes” or “No.”
6. Total Contributions: Optionally, list the total aggregate dollar amount of cash, property, and services contributed by all partners.
7. Membership Termination Rights: If applicable, provide a brief statement regarding partners’ membership termination and distribution rights.
8. Signatures: All general partners must sign the form in black ink. Include the date, signature, and printed name and title for each partner. If a partner is a corporation or entity, include the general partner's name and address.

After completing the form, double-check all entries for accuracy. Submit the form along with your payment to the Secretary of State's office. Keep a copy for your records, and ensure that the signatures are original and in black ink.