§425-171 Cancellation of registration. (a) If any limited liability partnership or foreign limited liability partnership fails or neglects for a period of two years to file any annual statement as required by this part, the director may cancel the registration of the partnership. The cancellation of the registration shall not relieve the partners of liability for the penalties due to the State for the failure to file any statement or certificates required by this part.

(b) Within two years after the involuntary cancellation of a domestic or foreign limited liability partnership under this section, the registration statement of the domestic or foreign limited liability partnership may be reinstated by the director upon written application executed by any partner of the limited liability partnership setting forth such information as the director may require, and the payment of all delinquent fees, penalties, assessments, taxes, costs of involuntary cancellation, and the filing of all statements due and unfiled. Within the applicable reinstatement period, should the name of the limited liability partnership, or a name substantially identical thereto, be registered or reserved by another corporation, partnership, limited liability company, or limited liability partnership, or should such name or a name substantially identical thereto be registered as a trade name, trademark, or service mark, then reinstatement shall be allowed only upon the registration of a new name by the limited liability partnership pursuant to the amendment provisions of this chapter. [L 1996, c 93, pt of §1; am L 1999, c 249, §26]