§3303. Effect of failure to qualify

Link to law: http://legislature.vermont.gov/statutes/section/11/022/03303
Published: 2015

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Title

11

:
Corporations, Partnerships and Associations






Chapter

022

:
PARTNERSHIPS






Subchapter

011
:
FOREIGN LIMITED LIABILITY PARTNERSHIP










 

§

3303. Effect of failure to qualify

(a) A foreign

limited liability partnership transacting business in this state may not

maintain an action or proceeding in this state unless it has in effect a

statement of foreign qualification.

(b) The failure

of a foreign limited liability partnership to have in effect a statement of

foreign qualification does not impair the validity of a contract or act of the

foreign limited liability partnership or preclude it from defending an action

or proceeding in this state.

(c) A limitation

on personal liability of a partner is not waived solely by transacting business

in this state without a statement of foreign qualification.

(d) If a foreign

limited liability partnership transacts business in this state without a

statement of foreign qualification, the secretary of state is its agent for

service of process with respect to a right of action arising out of the

transaction of business in this state. (Added 1997, No. 149 (Adj. Sess.), § 1,

eff. Jan. 1, 1999.)
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