1. Activities of a foreign limited partnership which do not constitute transacting business in this state within the meaning of this article include all of the following:

 a. Maintaining, defending, and settling an action or proceeding.
 b. Holding meetings of its partners or carrying on any other activity concerning its internal affairs.
 c. Maintaining accounts in financial institutions.
 d. Maintaining offices or agencies for the transfer, exchange, and registration of the foreign limited partnership‘s own securities or maintaining trustees or depositories with respect to those securities.
 e. Selling through independent contractors.
 f. Soliciting or obtaining orders, whether by mail or electronic means 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, or security interests in real or personal property.
 h. Securing or collecting debts or enforcing mortgages or other security interests in property securing the debts, and holding, protecting, and maintaining property so acquired.
 i. Owning, without more, real or personal property.
 j. Conducting an isolated transaction that is completed within thirty days and is not one in the course of similar transactions of a like manner.
 k. Transacting business in interstate commerce.

Terms Used In Iowa Code 488.903

  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Foreign limited partnership: means a partnership formed under the laws of a jurisdiction other than Iowa and required by those laws to have one or more general partners and one or more limited partners. See Iowa Code 488.102
  • 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.
  • personal property: include money, goods, chattels, evidences of debt, and things in action. See Iowa Code 4.1
  • Personal property: All property that is not real property.
  • property: includes personal and real property. See Iowa Code 4.1
  • Service of process: The service of writs or summonses to the appropriate party.
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Iowa Code 488.102
  • Transfer: includes an assignment, conveyance, deed, bill of sale, lease, mortgage, security interest, encumbrance, gift, and transfer by operation of law. See Iowa Code 488.102
 2. For purposes of this article, the ownership in this state of income-producing real or tangible personal property, other than property excluded under subsection 1, constitutes transacting business in this state.
 3. This section does not apply in determining the contacts or activities that may subject a foreign limited partnership to service of process, taxation, or regulation under any other law of this state.
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