By Jess G. Webster

All Washington limited partnerships and foreign limited partnership authorized to transact business in Washington State are now required to file an annual report instead of a periodic report (every five years).  The fee is $ 60.  According to the Secretary of State, beginning August 1, they will be mailing out notices similar to those used for corporations and limited liability companies. 

The use of limited partnerships as a business entity has diminished since the advent of limited liability companies, but limited partnerships continue to be a frequent choice of entity for estate planning and asset protection strategies.  Limited partnerships and tiered limited partnerships were also frequently used for the ownership of U.S. Flag commercial vessels in order to satisfy U.S. citizenship requirements for entities having some foreign equity ownership.