Iowa Code 486A.1103 – Effect of failure to qualify
Current as of: 2023 | Check for updates
|
Other versions
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.
Terms Used In Iowa Code 486A.1103
- Business: includes every trade, occupation, and profession. See Iowa Code 486A.101
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Service of process: The service of writs or summonses to the appropriate party.
- 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. 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.