A New York Certificate of Resignation For Receipt of Process (Limited Partnership) is a document that is filed with the New York State Department of State to officially remove a partner from a Limited Partnership. The Certificate must be signed by the resigning partner, the remaining partner, and a witness. There are two types of this Certificate: one for a partner who was a general partner and one for a partner who was a limited partner. The Certificate includes information such as the name of the Limited Partnership, the name of the resigning partner, and the date of resignation. Once the Certificate is filed, the resigning partner is no longer liable for any obligations of the Limited Partnership.
New York Certificate of Resignation For Receipt of Process (Limited Partnership)
State:
New York
Control #:
NY-DOS-1395
Format:
PDF
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Description
Certificate of Resignation For Receipt of Process (Limited Partnership)
Key Concepts & Definitions
Certificate of Resignation for Receipt of Process: This certificate is filed by the registered corporation with the Division of Corporations in the Department of State. It is used when a corporation's officer or director resigns from being the agent to receive process in legal matters. It ensures that the corporation appoints a new agent to handle legal notices or any form of legal process.
Step-by-Step Guide to Filing a Certificate of Resignation for Receipt of Process
- Identify the Need: Confirm if a certificate of resignation is necessary due to a resignation within your corporation.
- Prepare the Documentation: Gather information about the resigning agent and the new appointee. Complete the certificate of resignation form and an authorization form if handling via a third party.
- Payment Processing: Process the filing fee, which can typically be paid via credit card or debit card. Ensure you have proper card authorization before proceeding.
- File with the Department of State: Submit the completed forms to the Division of Corporations. You can opt for expedited processing for faster handling.
- Confirmation and Receipt: After filing, ensure you receive a receipt and confirmation that the process has been officially recorded in the state records.
Risk Analysis
- Non-compliance Risk: Failure to file the certificate can lead to legal exposures whereby the corporation might not be properly represented in court matters.
- Financial Penalties: Late or incorrect filings might result in fines or penalties from the state.
- Operational Disruptions: Not updating the agent for receipt of process can lead to missed critical legal notices, affecting ongoing operations.
Common Mistakes & How to Avoid Them
- Incomplete Forms: Ensure all the required details are properly filled out in the certificate resignation and authorization form.
- Delay in Filing: File as soon as possible after the resignation to avoid any legal complications from delayed process receipt.
- Improper Payment Method: Verify that the credit card or debit card information is correct and the card authorization is appropriately completed to avoid processing delays.
FAQ
What is expedited processing? Expedited processing is a service offered by the Department of State to process filings faster than the usual timeframe.
Can any employee file the certificate of resignation? Typically, an officer or authorized agent of the corporation needs to file the certificate of resignation.
How to fill out New York Certificate Of Resignation For Receipt Of Process (Limited Partnership)?
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