35-8-1008. Effect of certificate of authority. (1) A certificate of authority issued by the secretary of state authorizes a foreign limited liability company to transact business in this state subject to the right of the state to revoke the certificate as provided in this part.

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Terms Used In Montana Code 35-8-1008

  • Business: includes every trade, occupation, profession, or other lawful purpose, whether or not carried on for profit. See Montana Code 35-8-102
  • domestic limited liability company: means an organization that is formed under this chapter. See Montana Code 35-8-102
  • Foreign limited liability company: means an entity that is:

    (a)an unincorporated entity;

    (b)organized under a law other than the law of this state, including the laws of a federally recognized Indian tribe;

    (c)organized under a statute pursuant to which an entity may be formed that affords to each of its members limited liability with respect to the liabilities of the entity; and

    (d)not required to be registered or organized under any statute of this state other than this chapter. See Montana Code 35-8-102

  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Montana Code 35-8-102

(2)A foreign limited liability company with a valid certificate of authority has the same rights and privileges as a domestic company of similar character and, except as otherwise provided by this part, is subject to the same duties, restrictions, penalties, and liabilities imposed on a domestic limited liability company of similar character.

(3)This part does not authorize the state to regulate the organization or internal affairs of a foreign limited liability company authorized to transact business in the state.