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The form requires the applicant to specify whether the partnership is a general partnership or a limited liability partnership.
A Federal Employer Identification Number is mandatory for filing, ensuring proper identification of the business entity.
The form mandates the inclusion of a registered agent and office address in Illinois, which is essential for legal correspondence.
It allows partners to define their authority or limitations regarding transactions on behalf of the partnership, providing clarity on decision-making.
The form includes provisions for canceling or amending previous statements, ensuring that updates are properly documented.
A filing fee of $25 is required when submitting this form, which must be paid by check made out to the Secretary of State.
The Statement of Partnership Authority remains valid for five years unless canceled earlier, ensuring regular updates are necessary.
