Official Illinois Lp 201 Form in PDF

What is the Illinois LP 201 form used for?

The Illinois LP 201 form is used to create a Limited Partnership in the state of Illinois. This form must be submitted to the Secretary of State's Department of Business Services. It officially registers the partnership and includes essential information such as the partnership's name, address, registered agent, and purpose. Filing this form is a crucial step in establishing a limited partnership under Illinois law.

What are the requirements for naming a Limited Partnership?

The name of the Limited Partnership must include specific terms to indicate its status. It must contain the words "Limited Partnership," "L.P.," "LP," or "LLLP." Additionally, the name cannot include terms like "Company," "Corporation," "Incorporated," "Inc.," "Co.," or "Corp." This ensures that the name clearly identifies the entity as a limited partnership and complies with state regulations.

What payment methods are accepted for filing the LP 201 form?

When submitting the LP 201 form, payment must be made using a certified check, cashier’s check, an Illinois attorney’s check, an Illinois C.P.A.’s check, or a money order. The payment should be made payable to the Secretary of State. It is important to note that cash payments are not accepted, so ensure you choose one of the approved methods for your filing.

Do I need to provide additional information about the partnership's purpose?

Yes, the LP 201 form requires you to specify the purpose of the Limited Partnership. You can either state that the partnership will engage in any lawful business or provide a specific purpose. This helps clarify the nature of the business and its intended activities, which can be important for legal and operational reasons.

1. Neglecting to include the correct name format: The name of the limited partnership must include specific terms like “Limited Partnership,” “L.P.,” or “LLLP.” Failing to include these can lead to rejection of the form.

2. Using a P.O. Box for the office address: The form requires a physical street address for the office where records are kept. A P.O. Box alone is not acceptable.

3. Incorrect registered agent information: The registered agent must have a physical address in Illinois. Ensure that the name and address provided are accurate and current.

4. Omitting the purpose of the partnership: It's essential to clearly state the purpose of the limited partnership. A vague or missing purpose can cause delays in processing.

5. Not indicating if it is a Limited Liability Limited Partnership: Be sure to answer the question about whether the entity is a Limited Liability Limited Partnership. This is a crucial detail for the Secretary of State.

6. Forgetting to sign the document: All general partners must sign the form. Missing signatures can lead to immediate rejection.

7. Using ink colors other than black: Signatures must be in black ink on the original document. Using other colors may result in complications.

8. Not submitting in duplicate: The form must be submitted in duplicate. Failing to do so can lead to processing delays.

9. Improper payment method: Payment must be made via certified check, cashier’s check, or money order. Cash is not accepted, and using the wrong payment method can halt the filing process.

When filling out the Illinois LP 201 form, it is crucial to adhere to specific guidelines to ensure a smooth filing process. Below is a list of things you should and shouldn't do.

• Do type or print clearly to avoid any misinterpretation of your information.
• Do include the required words in the Limited Partnership Name, such as “Limited Partnership,” “L.P.,” or “LLLP.”
• Do provide a physical street address for the office where records will be kept; a P.O. Box is not acceptable.
• Do ensure that all general partners sign the form in black ink on the original document.
• Do submit the form in duplicate, as required.

• Don't send cash as payment; use a certified check, cashier’s check, or money order instead.
• Don't include prohibited terms in the Limited Partnership Name, such as “Company,” “Corporation,” or “Inc.”
• Don't leave any required fields blank; incomplete forms may be rejected.
• Don't use carbon copies or rubber stamps for signatures on the original document.
• Don't forget to check the box indicating whether the entity is a Limited Liability Limited Partnership.

When establishing a Limited Partnership in Illinois, several other forms and documents may accompany the Illinois LP 201 form. Each document serves a specific purpose in ensuring compliance with state regulations and facilitating the formation process. Below are some commonly used documents.

• Certificate of Good Standing: This document verifies that the business entity is legally registered and compliant with state requirements. It is often required when applying for loans or entering contracts.
• Self-Proving Affidavit: To simplify the probate process, utilize the helpful self-proving affidavit template that verifies the authenticity of a will and its signatures.
• Operating Agreement: Although not mandatory, this internal document outlines the management structure and operational guidelines of the partnership. It details the roles and responsibilities of each partner, helping to prevent disputes.
• Registered Agent Consent Form: This form confirms that the designated registered agent agrees to act on behalf of the limited partnership. It is essential for ensuring that legal documents can be reliably delivered to the partnership.
• Partnership Agreement: This agreement outlines the terms and conditions agreed upon by the partners, including profit sharing, responsibilities, and procedures for adding or removing partners. It serves as a crucial reference in case of disagreements.

Understanding these documents and their roles in the formation of a Limited Partnership can help streamline the process and ensure all necessary steps are taken. It is advisable to consult with a legal professional to ensure compliance and address any specific needs related to your partnership.

Here are six common misconceptions about the Illinois LP 201 form, along with clarifications to help you understand its requirements better.

• Misconception 1: The form can be submitted without a registered agent.

This is incorrect. Every limited partnership must have a registered agent with a physical address in Illinois. This agent is responsible for receiving legal documents on behalf of the partnership.

• Misconception 2: Cash payments are accepted for filing fees.

This is not true. The filing fee must be paid using a certified check, cashier’s check, Illinois attorney’s check, Illinois CPA’s check, or money order. Cash is not accepted.

• Misconception 3: The name of the limited partnership can include any business-related terms.

That is a misunderstanding. The name must include "Limited Partnership," "L.P.," "LP," or "LLLP" and cannot contain terms like "Company," "Corporation," or "Inc."

• Misconception 4: You can submit the form without a specific purpose stated.

This is misleading. While the form allows for a general purpose, you must still provide a specific purpose if you choose to do so. It’s important to be clear about the business activities.

• Misconception 5: Only one signature is required from general partners.

This is false. All general partners must sign the Certificate of Limited Partnership. Each signature must be in black ink on the original document.

• Misconception 6: You can use photocopies of signatures on the original form.

This is incorrect. Only original signatures in black ink are accepted on the original document. Photocopies or rubber stamp signatures are only allowed on conformed copies.