Section 20Part 3 — Relations of Partners
Annual return
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Subject to subsection
, on or before the 31st day of January in every year following the year in which a limited liability partnership is registered, the limited l iability partnership shall deliver an annual return to the Registrar stating the nature of the business and the name and address of every person who, on the 1st day of January in that year, was a partner in the limited liability partnership and pay to the Registrar an annual fee of such amount as the Cabinet shall by regulation prescribe. ( 2 ) The Registrar may impose upon a limited liability partnership which fails to comply with subsection (1), where the annual return is submitted or annual fee is paid —
in the second quarter of the calendar year, a penalty of 33.33% of the annual fee;
in the third quarter of the calendar year, a penalty of 66.67% of the annual fee; and
in or after the fourth quarter of the calendar year, a penalty of 100% of the annual fee.