50-73.3 - Reservation of name. - Virginia Statutes

§ 50-73.3. Reservation of name.

A. The exclusive right to the use of a limited partnership name may bereserved by:

1. Any person intending to organize a limited partnership under this chapterand to adopt that name;

2. Any domestic limited partnership or any foreign limited partnershipregistered in this Commonwealth which, in either case, intends to adopt thatname;

3. Any foreign limited partnership intending to register in this Commonwealthand adopt that name; or

4. Any person intending to organize a foreign limited partnership andintending to have it registered in this Commonwealth and adopt that name.

B. The reservation shall be made by delivering to the Commission anapplication, executed by the applicant, to reserve a specified name. If theCommission finds that the limited partnership name is available for use by adomestic or foreign limited partnership, it shall file the application andreserve the name for the exclusive use of the applicant for a period of 120days. The owner of a reserved limited partnership name may renew thereservation for successive 120-day periods each by filing with theCommission, during the 45-day period preceding the date of expiration of thereservation, a renewal application. The owner of a reserved limitedpartnership name may transfer the reservation to any other person bydelivering to the Commission a notice of the transfer, executed by theapplicant for whom the name was reserved and specifying the name and addressof the transferee.

(1985, c. 607; 2006, c. 505.)