Iowa Code 486A.1101 – Law governing foreign limited liability partnership
Current as of: 2023 | Check for updates
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1. The law under which a foreign limited liability partnership is formed governs relations among the partners and between the partners and the partnership and the liability of partners for obligations of the partnership.
Terms Used In Iowa Code 486A.1101
- Business: includes every trade, occupation, and profession. See Iowa Code 486A.101
- Foreign limited liability partnership: means a partnership that satisfies both of the following:a. See Iowa Code 486A.101
- Limited liability partnership: means a partnership that has filed a statement of qualification under section 486A. See Iowa Code 486A.101
- Partnership: means an association of two or more persons to carry on as co-owners a business for profit formed under section 486A. See Iowa Code 486A.101
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Iowa Code 486A.101
- Statement: means a statement of partnership authority under section 486A. See Iowa Code 486A.101
2. A foreign limited liability partnership may not be denied a statement of foreign qualification by reason of any difference between the law under which the partnership was formed and the law of this state.3. A statement of foreign qualification does not authorize a foreign limited liability partnership to engage in any business or exercise any power that a partnership may not engage in or exercise in this state as a limited liability partnership.