Chapter 13: LIMITED LIABILITY COMPANIES ENACTED BY PL 1993, C. 718, PT. A, §1
Subchapter 10: FOREIGN LIMITED LIABILITY COMPANIES ENACTED BY PL 1993, C. 718, PT. A, §1
§718. Doing business without authority; right to sue and be sued; liability of members; penalties
1.Prohibition against bringing an action, suit or proceeding. A foreign limited liability company doing business in this State may not maintain any action, suit or proceeding in this
State until it is granted authority to do business in this State and pays to the State all fees and penalties for the years
or parts of years during which it did business in this State without having been granted the authority to do business.
[
1993, c. 718, Pt. A, §1 (NEW)
.]
2.Validity of contracts; right to be sued; right to defend suit. The failure of a foreign limited liability company to obtain authority to do business in this State in accordance with this
chapter does not impair:
A. The validity of any contract or act of the foreign limited liability company; [1993, c. 718, Pt. A, §1 (NEW).]
B. The right of any other party to the contract to maintain any action, suit or proceeding on the contract; or [1993, c. 718, Pt. A, §1 (NEW).]
C. The right of the foreign limited liability company to defend any action, suit or proceeding in a court of this State. [1993, c. 718, Pt. A, §1 (NEW).]
[
1993, c. 718, Pt. A, §1 (NEW)
.]
3.Liability of members. A member of a foreign limited liability company is not liable solely by reason of the limited liability company having done
business in this State without being granted the authority to do business in this State.
[
1993, c. 718, Pt. A, §1 (NEW)
.]
4.Penalty. The Secretary of State may fine a foreign limited liability company doing business in this State without first having been
granted the authority to do business in this State $750 for each year or part of a year during which the foreign limited liability
company failed to obtain authority to do business in this State.
[
1993, c. 718, Pt. A, §1 (NEW)
.]
SECTION HISTORY
1993, c. 718, §A1 (NEW).
Data for this page extracted on 10/14/2009 10:53:53.