79-29-1008 - Transactions not constituting transacting business.
§ 79-29-1008. Transactions not constituting transacting business.
(1) The following activities of a foreign limited liability company, among others, do not constitute transacting business in this state within the meaning of this article:
(a) Maintaining, defending, or settling any proceeding;
(b) Holding meetings of its members or carrying on any other activities concerning its internal affairs;
(c) Maintaining bank accounts;
(d) Maintaining offices or agencies for the transfer, exchange and registration of the foreign limited liability company's own securities or interests or maintaining trustees or depositories with respect to those securities or interests;
(e) Selling through independent contractors;
(f) Soliciting or obtaining orders, whether by mail or through employees or agents or otherwise, if the orders require acceptance outside this state before they become contracts;
(g) Creating or acquiring indebtedness, mortgages, and security interests in real or personal property;
(h) Securing or collecting debts or enforcing mortgages and security interests in property securing the debts;
(i) Owning, without more, real or personal property;
(j) Conducting an isolated transaction that is completed within thirty (30) days and that is not one in the course of repeated transactions of a like nature; or
(k) Transacting business in interstate commerce.
(2) A foreign limited liability company shall not be considered to be transacting business in this state solely because it:
(a) Owns a controlling interest in a corporation or a foreign corporation that transacts business in this state;
(b) Is a limited partner of a limited partnership or foreign limited partnership that is transacting business in this state; or
(c) Is a member or manager of a limited liability company or foreign limited liability company that is transacting business in this state.
(3) This section does not apply in determining the contracts or activities that may subject a foreign limited liability company to service of process or taxation in this state or to regulation under any other law of this state.
(4) A foreign limited liability company which is a general partner of any general or limited partnership, joint venture, syndicate, pool or other association of any kind (other than a limited liability company), whether or not such foreign limited liability company shares with or delegates to others control of such entity, which entity is transacting business in this state, is hereby declared to be transacting business in this state.
Sources: Laws, 1994, ch. 402, § 74, eff from and after July 1, 1994.