Minnesota – Records changed for 143 LLLPs from active to inactive
November 12, 2013
On October 23 the office of the Secretary of State changed the records for 143 limited liability limited partnerships (domestic & foreign LLLPs) from active to inactive to reflect Minnesota Statutes section 321.1206(e) which can be accessed at https://www.revisor.mn.gov/statutes/?id=321.1206
When an LLLP election was made for a limited partnership under the old LP law (section 322A.88), the records of the Secretary of State showed two separate entries for the limited partnership—one as a LP and another as a limited liability partnership. Section 322A.88 required the filing of a statement of qualification under section 323A.10-01(c), the effect of which was interpreted to make the limited partnership also an LLLP. Chapter 322A is now defunct and redundant LLLP records formed prior to 2007 with LLLP in their business name were moved to the inactive file to reflect that separate LLLP status no longer exists and the LP record carries the LLLP status consistent with 321.1206(c)(1) and 321.1206(e)(2).