The renewal responsibility for Texas limited liability partnerships (LLP) will soon be a thing of the past.
Effective January 1, 2016, pursuant to 2015 Texas Senate Bill 859, each domestic LLP that is registered with the Texas Secretary of State will be required to file an Annual Report on or before June 1 of each year in order to maintain its standing with the Secretary’s office. This annual report will be due from each LLP that is registered with the Secretary’s office as of December 31 of the calendar year prior to the due date and the information reported must be current as of May 31 of the calendar year in which the report is filed.
CT tip: Did you know that the first LLP laws were passed in Texas in 1991 in response to the real estate collapse and energy prices of the late 1980’s and early 1990’s?
The renewal process that each domestic limited liability partnership is currently responsible for will no longer be required. The fee structure for the annual report will be similar to the renewal in that the fee will be set at $200 per partner for the number of the LLP’s partners on May 31.
CT tip: Failure to file the annual report or pay the filing fee on or before May 31 of the calendar year following the due date of the report will result in immediate termination of the partnership’s status as an LLP.
There are no changes to the requirements for foreign limited liability partnerships. Foreign limited liability partnerships registered to do business in Texas must continue to renew that registration on an annual basis.