Amends TCA Title 61.

Present law generally provides the following concerning permitted names for limited partnerships in this state:<br /> <br /> (1) The name of a limited partnership may contain the name of any partner, but must not contain the phrases corporation, incorporated, limited liability company, or abbreviations of like import;<br /> <br /> (2) The name of a limited partnership that is not a limited liability limited partnership must contain the phrase limited partnership or the abbreviation LP or L.P. and must not contain the phrase limited liability limited partnership or the abbreviation LLLP or L.L.L.P.;<br /> <br /> (3) The name of a limited liability limited partnership must contain the phrase limited liability limited partnership or the abbreviation LLLP or L.L.L.P. and must not contain the abbreviation LP or L.P.; and<br /> <br /> (4) The name of a limited partnership, and the name under which a foreign limited partnership may register to do business in this state, must generally be distinguishable on the records of the secretary of state from certain other names.<br /> <br /> This bill authorizes a domestic limited partnership, or a foreign limited partnership registered to transact business in this state, or applying for registration as a foreign limited partnership to transact business in this state, to elect to adopt an assumed name that complies with the requirements of present law, except that the assumed name need not contain the designations "LLLP" or "LP". The identification by a domestic limited partnership or foreign limited partnership of its business with a trademark or service mark of which it is the owner, or is licensed, does not constitute the use of an assumed name.<br /> <br /> APPLICATION<br /> <br /> Before transacting any business in this state under an assumed name, this bill requires a domestic limited partnership or foreign limited partnership, for each assumed name, to execute and file an application setting forth the following:<br /> <br /> (1) The true name of the applicant; <br /> <br /> (2) The jurisdiction in which the applicant is formed; <br /> <br /> (3) The applicant's intention to transact business under an assumed name; and <br /> <br /> (4) The assumed name that the applicant proposes to use.<br /> <br /> The right to use an assumed name is effective for five years from the date of filing an application with the secretary of state. <br /> <br /> RENEWALS<br /> <br /> This bill authorizes a domestic or foreign limited partnership to renew the right to use its assumed name, if any, for successive five-year periods by filing an application to renew the assumed name and paying the required renewal fee of $20 within the two months preceding the expiration of the then-current period. <br /> <br /> CHANGE OR CANCELLATION<br /> <br /> This bill authorizes a domestic or foreign limited partnership to change or cancel its assumed name by filing an application setting forth the following: <br /> <br /> (1) The true name of the applicant; <br /> <br /> (2) The jurisdiction in which the applicant is formed; <br /> <br /> (3) The applicant's intention to cease transacting business in this state under the specified assumed name by changing or canceling the assumed name; <br /> <br /> (4) The assumed name to be changed or canceled; and <br /> <br /> (5) If the assumed name is to be changed, the new assumed name that the applicant proposes to use.<br /> <br /> Upon approval of an application to change an assumed name and payment of the appropriate fee, the applicant has the right to use the new assumed name for a new five-year period, subject to the same renewal procedures. <br /> <br /> This bill requires the secretary of state to cancel the right of a domestic or foreign limited partnership to use an assumed name if the following occurs: <br /> <br /> (1) The domestic or foreign limited partnership fails to renew its right to use the assumed name before the right expires; <br /> <br /> (2) The domestic or foreign limited partnership has filed an application to change the assumed name, or to cancel its right to use the assumed name; <br /> <br /> (3) In the case of a domestic limited partnership, the limited partnership has been dissolved; or <br /> <br /> (4) In the case of a foreign limited partnership, the foreign limited partnership has had its registration as a foreign limited partnership authorized to transact business in this state revoked.<br />