A. Activities of a foreign limited partnership that do not constitute transacting business in this state within the meaning of Article 9 [54-2A-901 N.M. Stat. Ann.] of the Uniform Revised Limited Partnership Act include:

Terms Used In New Mexico Statutes 54-2A-903

  • 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.
  • 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: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Service of process: The service of writs or summonses to the appropriate party.

(1)     maintaining, defending and settling an action or proceeding, whether judicial, administrative, arbitration or mediation;

(2)     holding meetings of its partners or carrying on any other activity concerning its internal affairs;

(3)     maintaining accounts in financial institutions;

(4)     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;

(5)     selling through independent contractors;

(6)     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;

(7)     creating as borrower or lender or acquiring indebtedness, with or without mortgages or security interests in real or personal property;

(8)     securing or collecting debts or foreclosing mortgages or other security interests in property securing the debts and holding, protecting and maintaining property so acquired;

(9)     investing in or acquiring, in transactions outside New Mexico, royalties and other nonoperating mineral interests; and executing division orders, contracts of sale and other instruments incidental to the ownership of such nonoperating mineral interests;

(10)    owning or controlling an interest in a corporation or other entity that transacts business in this state or is organized under the laws of this state;

(11)    being a partner in a partnership, including a limited partnership, a limited liability partnership or a limited liability limited partnership, that transacts business in this state or is organized under the laws of this state;

(12)    being a member or a manager of a limited liability company that transacts business in this state or is organized under the laws of this state;

(13)    conducting an isolated transaction that is completed within thirty days and is not one in the course of similar transactions of a like manner; and

(14)    transacting business in interstate commerce.

B. For purposes of Article 9 [54-2A-901 N.M. Stat. Ann.] of the Uniform Revised Limited Partnership Act, the ownership in this state of income-producing real property or tangible personal property, other than property excluded pursuant to Subsection A of this section, constitutes transacting business in this state.

C. 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 pursuant to any other law of this state.

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