§ 1403.
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/vt/1403A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1403. Activities not constituting transacting business
(a)Activities of a foreign enterprise that do not constitute transacting business in this State under this article include:
(1)maintaining, defending, and settling an action or proceeding;
(2)holding meetings of the foreign enterprise’s members or directors or carrying on any other activity concerning the foreign enterprise’s internal affairs;
(3)maintaining accounts in financial institutions;
(4)maintaining offices or agencies for the transfer, exchange, and registration of the foreign enterprise’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, through employees, 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 30 days and is not one in the course of similar transactions; 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)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 enterprise to service of process, taxation, or regulation under the laws of this State other than this title. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)