Indiana Code 23-0.5-5-1. Law governing; registration
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Sec. 1. (a) The law of the jurisdiction of formation of an entity governs:
(2) the liability that a person has as an interest holder or governing person for a debt, obligation, or other liability of the entity; and
(1) the internal affairs of the entity;
Terms Used In Indiana Code 23-0.5-5-1
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(3) the liability of a series of a limited liability company.
(b) A foreign entity is not precluded from registering to do business in Indiana because of any difference between the law of the entity’s jurisdiction of formation and the law of Indiana.
(c) Registration of a foreign entity to do business in Indiana does not authorize the foreign entity to engage in any activities and affairs or exercise any power that a domestic entity of the same type may not engage in or exercise in Indiana.
As added by P.L.118-2017, SEC.5.