(a) A limited liability partnership, and a foreign limited liability partnership authorized to transact business in the Virgin Islands, shall file an annual report in the Office of the Lieutenant Governor which contains:
(1) the name of the limited liability partnership and the State or other jurisdiction under whose laws the foreign limited liability partnership is formed;
(2) the current street address of the partnership's chief executive office and, if different, the current street address of an office in the Virgin Islands, if any; and
(3) if there is no current office in the Virgin Islands, the name and street address of the partnership's current agent for service of process who must be an individual resident of the Virgin Islands or any other person authorized to do business in the Virgin Islands.
(b) An annual report together with an annual fee of $150.00 must be filed between January 1 and June 30 of each year following the calendar year in which a partnership files a statement of qualification or a foreign partnership becomes authorized to transact business in the Virgin Islands.
(c) The Lieutenant Governor may administratively revoke the statement of qualification of a partnership that fails to file an annual report when due or to pay the required filing fee. The Lieutenant Governor shall provide the partnership at least 60 days written notice of intent to revoke the statement. The notice must be mailed to the partnership at its chief executive office set forth in the last filed statement of qualification or annual report. The notice must specify the annual report that has not been filed, the fee that has not been paid, and the effective date of the revocation. The revocation is not effective if the annual report is filed and the fee is paid before the effective date of the revocation.
(d) A revocation under subsection (c) of this section only affects a partnership's status as a limited liability partnership and is not an event of dissolution of the partnership.
(e) A partnership whose statement of qualification has been administratively revoked may apply to the Lieutenant Governor for reinstatement within two years after the effective date of the revocation. The application must state:
(1) the name of the partnership and the effective date of the revocation; and
(2) that the ground for revocation either did not exist or has been corrected.
(f) A reinstatement under subsection (e) of this section relates back to and takes effect as of the effective date of the revocation, and the partnership's status as a limited liability partnership continues as if the revocation had never occurred.