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What happens if an LP does not file its Periodic Report within the time specified by the Secretary of State?

April 26, 2017file happens Lp periodic report Secretary State time

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What happens if an LP does not file its Periodic Report within the time specified by the Secretary of State?

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If an LP fails to file its Periodic Report within 30 days from the date that the Secretary of State sends the report, it forfeits its right to transact business in Texas. While forfeited, it cannot maintain any action, suit, or proceeding in any Texas court or amend its Certificate of Limited Partnership, Certificate of Formation, or registration. It can, however, defend any action or suit; furthermore, forfeiture does not impair the validity of any contract. The LP can relieve itself of forfeiture by filing the Periodic Report within 120 days of the date the Secretary of State mailed notice of forfeiture. If the LP does not file the report within this 120-day period, the Secretary of State will involuntarily cancel or terminate the LP or revoke its Certificate of Authority or registration.

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If an LP fails to file its Periodic Report within 30 days from the date that the Secretary of State sends the report, it forfeits its right to transact business in Texas. While forfeited, it cannot maintain any action, suit, or proceeding in any Texas court or amend its Certificate of Limited Partnership, Certificate of Formation, or registration. It can, however, defend any action or suit; furthermore, forfeiture does not impair the validity of any contract. The LP can relieve itself of forfeiture by filing the Periodic Report within 120 days of the date the Secretary of State mailed notice of forfeiture. If the LP does not file the report within this 120-day period, the Secretary of State will involuntarily cancel or terminate the LP or revoke its Certificate of Authority or registration. • If an LP has had its Certificate of Limited Partnership, Certificate of Formation, or registration as a foreign LP canceled, terminated or revoked for failure to file a Periodic Report, how and wh