§ 50-73.3. Reservation of name
A. The exclusive right to the use of a limited partnership name may be reserved by:
1. Any person intending to organize a limited partnership under this chapter and to adopt that name;
2. Any domestic limited partnership or any foreign limited partnership registered in this Commonwealth which, in either case, intends to adopt that name;
3. Any foreign limited partnership intending to register in this Commonwealth and adopt that name; or
4. Any person intending to organize a foreign limited partnership and intending to have it registered in this Commonwealth and adopt that name.
B. The reservation shall be made by delivering to the Commission an application, executed by the applicant, to reserve a specified name. If the Commission finds that the limited partnership name is available for use by a domestic or foreign limited partnership, it shall file the application and reserve the name for the exclusive use of the applicant for a period of 120 days. The owner of a reserved limited partnership name may renew the reservation for successive 120-day periods each by filing with the Commission, during the 45-day period preceding the date of expiration of the reservation, a renewal application. The owner of a reserved limited partnership name may transfer the reservation to any other person by delivering to the Commission a notice of the transfer, executed by the applicant for whom the name was reserved and specifying the name and address of the transferee.
(1985, c. 607; 2006, c. 505.)
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