This office lease provision states that it is an unpermitted assignment for partners to have a change in their share of partnership ownership and thus a default under the lease. Generally, this type of change in ownership is couched in those provisions dealing with changes in share ownerships of corporations.
Kansas Provision Dealing with Changes in Share Ownership of Corporations and Changes in Share Ownership of Partnership
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FAQ
Corporations which elect under subchapter S of the Internal Revenue Code not to be taxed as a corporation must file a Kansas Partnership or S Corporation Return (Form K-120S). All other corporations must file a Form K-120.
When the ownership transfer is a sale of the LLC, a buy-sell agreement may be necessary. An operating agreement should specify the process for ownership transfer, but if it doesn't, you must follow state guidelines. Under some circumstances, the state may require you to form a new LLC.
It costs $30 to change your LLC name in Kansas. This is the filing fee for the Name Change Amendment form. Note: If you file the Business Entity Certificate of Amendment by mail instead, the fee is $35.
You can amend your Kansas articles of organization by filing electronically on the Kansas.gov Business Center website. You can get there by going to the SOS website and clicking on ?Business Filing Center? link. Then you can choose to file the amendment.
COMPLETING FORM K-120EL This business income election is binding on all members of a unitary group. An officer of the business listed at the top of the form must sign this election.
