50-73.69 - Penalty for failure to timely pay annual registration fee. - Virginia Statutes

§ 50-73.69. Penalty for failure to timely pay annual registration fee.

A. Any domestic or any foreign limited partnership that fails to pay theannual registration fee into the state treasury within the time prescribed in§ 50-73.67 shall incur a penalty of $25, which shall be added to the amountof the annual registration fee due. The penalty prescribed herein shall be inaddition to any other penalty or liability imposed by law.

B. The Commission shall mail to each domestic and foreign limited partnershipthat fails to pay the annual registration fee within the time prescribed in §50-73.67 notice of assessment of the penalty imposed herein and of theimpending cancellation of its existence or certificate of registration, asthe case may be. A domestic limited partnership whose certificate has beencanceled pursuant to this section is dissolved upon cancellation and shall bewound up pursuant to Article 8 (§ 50-73.49 et seq.) of this chapter.

(1985, c. 607; 1996, c. 255; 1998, c. 163; 2000, c. 52; 2004, cc. 274, 601;2008, c. 586.)