The California LP-102 form is a Certificate of Withdrawal that allows a limited partner to officially withdraw from a California limited partnership. This form is specifically for individuals who may have mistakenly believed they were limited partners and wish to clarify their status. Filing this form ensures that they are no longer considered owners of the partnership, in accordance with California law.
The California LP-102 form is a crucial document for individuals who wish to withdraw from their role as limited partners in a domestic limited partnership. This form serves as a Certificate of Withdrawal, allowing a person who has mistakenly believed they were a limited partner to officially remove themselves from future ownership participation. It is important to note that the withdrawal process is governed by California Corporations Code section 15903.06(b). To ensure proper filing, individuals can access the LP-102 form online through the California Secretary of State's website, where it can be completed and printed for submission. The completed form must be filed in person at the Sacramento office or mailed to the designated address. A filing fee of $30.00 is required, along with a potential special handling fee if the document is delivered in person. Upon filing, the Secretary of State will return one uncertified copy of the document at no additional cost. However, for those needing extra copies or certified versions, additional fees apply. Completing the LP-102 form involves entering specific information such as the limited partnership's file number and name, and it must be signed by the individual withdrawing from the partnership. This process ensures that all parties involved are aware of the change in ownership status and that the withdrawal is documented in accordance with state regulations.
When dealing with the California LP-102 form, several other documents may be necessary to ensure a smooth process. Each of these forms serves a specific purpose and can help clarify or support the withdrawal of a limited partner from a limited partnership. Here’s a brief overview of these related documents.
Understanding these documents can help streamline the process of withdrawal and ensure compliance with California's legal requirements. Each form plays a vital role in maintaining accurate records and protecting the interests of all parties involved in the limited partnership.
Misconception 1: Only current limited partners can file Form LP-102.
In reality, anyone who has invested in a California limited partnership and mistakenly believes they are a limited partner can file this form. This allows individuals to formally withdraw from the partnership, even if they never held the status they thought they did.
Misconception 2: Form LP-102 can be filed anywhere in California.
This form must be filed specifically at the Sacramento office of the Secretary of State. It is not accepted at other locations, which is an important detail for those looking to withdraw from a partnership.
Misconception 3: There are no fees associated with filing Form LP-102.
Contrary to this belief, there is a $30.00 filing fee for Form LP-102. Additionally, if the form is delivered in person, a non-refundable special handling fee of $15.00 applies.
Misconception 4: Filing Form LP-102 guarantees immediate withdrawal from the partnership.
While the form initiates the withdrawal process, it does not guarantee immediate removal from all partnership obligations. The withdrawal is subject to the provisions outlined in California Corporations Code.
Misconception 5: A certified copy of Form LP-102 is automatically provided after filing.
Upon filing, only one uncertified copy is returned for free. If additional copies or certified copies are needed, a separate request and payment must be included with the submission.
Misconception 6: The information provided on Form LP-102 does not need to be accurate.
This is a critical misunderstanding. Signing the form affirms under penalty of perjury that all facts stated are true. Providing false information can lead to serious legal consequences.
California 3522 - Check your tax software for Electronic Funds Withdrawal support.
California Tr 0106 - The TR 0106 form is an application for a Chain Installer Permit in California.
Mc-040 - Petitioners are required to verify the accuracy of their claims in the document.
Filling out the California LP-102 form is a straightforward process that allows a person to formally withdraw from a limited partnership. To ensure that the form is completed correctly, follow these step-by-step instructions. After submitting the form, you will receive a confirmation of your withdrawal, along with an uncertified copy of the filed document.