Iowa Code 489.106 – Governing law
Current as of: 2023 | Check for updates
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The law of this state governs all of the following:
1. The internal affairs of a limited liability company.
Terms Used In Iowa Code 489.106
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Manager: means a person that under the operating agreement of a manager-managed limited liability company is responsible, alone or in concert with others, for performing the management functions stated in section 489. See Iowa Code 489.102
- Member: means a person that has become a member of a limited liability company under section 489. See Iowa Code 489.102
- 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 489.102
2. The liability of a member as member and a manager as manager for the debts, obligations, or other liabilities of a limited liability company.