[§425E-903] Activities not constituting transacting business.

266 words·~1 min read·/hi/425e-903

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Activities of a foreign limited partnership that do not constitute transacting business in this State within the meaning of this article include:

(1)Maintaining, defending, and settling an action or proceeding;

(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 or acquiring indebtedness, mortgages, or security interests in real or personal property;

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

(9)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

(10)Transacting business in interstate commerce.

(b)For purposes of this article, the ownership in this State of income-producing real property or tangible personal property, other than property excluded under subsection (a), constitutes transacting business in this State.

(c)This section shall not apply in determining the [contracts] or activities that may subject a foreign limited partnership to service of process, taxation, or regulation under any other law of this State. [L 2003, c 210, pt of §1]