Legal Question in Business Law in California

closure of a limited partnership

When an LLC contract is fullfilled and the partnership is closed, does the

limited partner receive anything in the form of paperwork that the

partnership is now closed?. I inherited an Enron Windsystem partnership and

they (Enron) have not been forthcoming providing any information to me or

my lawyer. Since I am not a limited partner (my mom was) what are my rights

to find out information on this asset. When a limited partnership closes, does

it have to file with the state?

Thanks


Asked on 4/19/06, 11:25 am

1 Answer from Attorneys
Bruce Beal Beal Business Law

Re: closure of a limited partnership

I notice that ENRON WIND SYSTEMS, LLC is still active in CA. This is an LLC, and there will be an Operating Agreement (hopefully in your mom's records) which describes her/your rights within the LLC, and the LLC's right with regard to transfer of her interest.

I did not similarly find an active registration for a limited partnership with a similar name. However, such an entity would have a limited partnership agreement, similar to the above.

Either entity will remain legally in existence, until terminated by the State after filing necessary legal documents. Failure to do so will subject the entity to a minimum $800 franchise tax every year.

If you have either of the above agreements, I would be happy to review and advise on it. If you can't locate the agreement, you could contact the firm's agent for service of process, listed on the CA Secretary of State's website, to obtain same upon supplying necessary information.

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Answered on 4/19/06, 2:07 pm


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