486A.1103 - EFFECT OF FAILURE TO QUALIFY.
486A.1103 EFFECT OF FAILURE TO QUALIFY. 1. A foreign limited liability partnership transacting business in this state may not maintain an action or proceeding in this state unless it has in effect a statement of foreign qualification. 2. The failure of a foreign limited liability partnership to have in effect a statement of foreign qualification does not impair the validity of a contract or act of the foreign limited liability partnership or preclude it from defending an action or proceeding in this state. 3. A limitation on personal liability of a partner is not waived solely by transacting business in this state without a statement of foreign qualification. 4. If a foreign limited liability partnership transacts business in this state without a statement of foreign qualification, the secretary of state is its agent for service of process with respect to a right of action arising out of the transaction of business in this state.
Section History: Recent Form 98 Acts, ch 1201, §57, 79, 82