HARRY HUGHES, Governor

3021

(A)  RESTRICTIONS ON LIMITED PARTNERSHIP NAME. THE
NAME OF EACH LIMITED PARTNERSHIP AS SET FORTH IN ITS
CERTIFICATE:

(1)  SHALL CONTAIN WITHOUT ABBREVIATION THE WORDS
"LIMITED PARTNERSHIP";

(2)  MAY NOT CONTAIN THE NAME OF A LIMITED
PARTNER UNLESS:

(I)  IT IS ALSO THE NAME OF A GENERAL
PARTNER; OR

(II)  THE BUSINESS OF THE LIMITED
PARTNERSHIP HAD BEEN CARRIED ON UNDER THAT NAME BEFORE THE
ADMISSION OF THAT LIMITED PARTNER;

(3)  MAY NOT CONTAIN ANY WORD OR PHRASE WHICH
INDICATES OR IMPLIES THAT IT IS ORGANIZED FOR ANY PURPOSE
NOT STATED IN ITS CERTIFICATE; AND

(4)  MAY NOT BE THE SAME AS OR MISLEADINGLY
SIMILAR TO:

(I)  THE NAME OF ANY CORPORATION OR LIMITED
PARTNERSHIP ORGANIZED UNDER THE LAWS OF THE STATE OF
MARYLAND;

(II)  THE NAME OF ANY FOREIGN CORPORATION
OR FOREIGN LIMITED PARTNERSHIP REGISTERED OR QUALIFIED TO DO
BUSINESS IN THE STATE OF MARYLAND; OR

(III)  ANY NAME WHICH IS RESERVED OR
REGISTERED UNDER §§ 2-107, 7-101, 10-103, OR 10-904 OF THIS
ARTICLE.

(B)  FILING AFFIRMATION. EVERY 5 YEARS FOLLOWING THE
YEAR IN WHICH THE LIMITED PARTNERSHIP IS FORMED, EACH
LIMITED PARTNERSHIP SHALL FILE BY SEPTEMBER 15 A STATEMENT
ON A FORM PROVIDED BY THE DEPARTMENT AFFIRMING THAT THE
LIMITED PARTNERSHIP IS ACTIVELY ENGAGED IN THE BUSINESS FOR
WHICH IT WAS FORMED. A FAILURE TO FILE THE AFFIRMATION ON
TIME SHALL RESULT IN FORFEITURE OF THE RIGHT TO USE THE NAME
SET FORTH IN THE CERTIFICATE.

COMMENT

This section is new. It is intended to make the
requirements for a limited partnership's name identical to
those for a corporation. Subsection (b) provides a means by
which unused names may be made available for use by others,
as is the case when a corporation forfeits its charter.

10-103. RESERVATION OF NAME.

(A) WHO MAY RESERVE. THE EXCLUSIVE RIGHT TO USE A
SPECIFIED NAME FOR A DOMESTIC OR FOREIGN LIMITED PARTNERSHIP
MAY BE RESERVED BY: