Iowa Code 490.1502 – Registration to do business in this state
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1. A foreign corporation shall not do business in this state until it registers with the secretary of state under this chapter.
Terms Used In Iowa Code 490.1502
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Proceeding: includes a civil suit and criminal, administrative, and investigatory action. See Iowa Code 490.140
- Secretary: means the corporate officer to whom the board of directors has delegated responsibility under section 490. See Iowa Code 490.140
- Shareholder: means a record shareholder. See Iowa Code 490.140
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. A foreign corporation doing business in this state shall not maintain a proceeding in any court of this state until it is registered to do business in this state.
3. The failure of a foreign corporation to register to do business in this state does not impair the validity of a contract or act of the foreign corporation or preclude it from defending a proceeding in this state.
4. A limitation on the liability of a shareholder or director of a foreign corporation is not waived solely because the foreign corporation does business in this state without registering.
5. Section 490.1501, subsection 1, applies even if a foreign corporation fails to register under this chapter.