Get the free Statement of Partnership Authority (Form UPA-93).

July 3, 2019Disclosure Statement for Lakewood at Goethe filing of this disclosure with the State Corporation Commission does not constitute approval, recommendation, or endorsement of the facility

How to fill out statement of partnership authority

How to fill out statement of partnership authority

1. Begin by obtaining a statement of partnership authority form from your state's Secretary of State office or website.
2. Fill in the basic details at the top of the form, such as the name of the partnership, its principal address, and the names of the partners.
3. Provide the purpose of the partnership, including a brief description of the business activities it will engage in.
4. Indicate the duration of the partnership, whether it is limited or ongoing.
5. Specify the powers and authority granted to the partners, such as the ability to enter into contracts, make financial decisions, and represent the partnership in legal matters.
6. Include any restrictions on the partners' authority, if applicable.
7. Have each partner sign and date the statement of partnership authority.
8. File the completed form with the state's Secretary of State office and pay any required filing fees.
9. Keep a copy of the statement of partnership authority for your records.

Who needs statement of partnership authority?

1. Any partnership that wants to establish and communicate the authority of its partners may need a statement of partnership authority.
2. This document is particularly important for partnerships that operate in states where it is required by law, as failure to file the statement may result in legal consequences.
3. Partnerships seeking to obtain loans, open bank accounts, or engage in significant business transactions may also be asked to provide a statement of partnership authority.
4. Additionally, partners who want to clarify and formalize their powers and responsibilities within the partnership may find this document useful.

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What is statement of partnership authority?

A Statement of Partnership Authority is a legal document that grants specific powers to one or more partners in a partnership to act on behalf of the partnership, particularly regarding real estate transactions and other business matters.

Who is required to file statement of partnership authority?

The partnership itself is required to file the Statement of Partnership Authority, typically when it seeks to formalize the authority of its partners to act on behalf of the partnership.

How to fill out statement of partnership authority?

To fill out a Statement of Partnership Authority, complete the form by providing the partnership's name, the names and addresses of partners authorized to act on behalf of the partnership, and any specific limitations on their authority.

What is the purpose of statement of partnership authority?

The purpose of the Statement of Partnership Authority is to provide third parties with a clear understanding of the authority of specific partners within the partnership, thereby facilitating business transactions and improving transparency.

What information must be reported on statement of partnership authority?

The information that must be reported includes the partnership's name, the address of the partnership, the names and addresses of the partners authorized to act on behalf of the partnership, and any limitations on their authority.