§ 50-73.53 — Authority to transact business required; governing law

Virginia § 50-73.53

• Jurisdiction: Virginia
• Title 50: PARTNERSHIPS
• Ch. 2.1: VIRGINIA REVISED UNIFORM LIMITED PARTNERSHIP ACT
• Art. 9: FOREIGN LIMITED PARTNERSHIPS

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A. A foreign limited partnership may not transact business in the Commonwealth until it obtains a certificate of registration from the Commission.

B. Subject to the Constitution of this Commonwealth, (i) the laws of the state or other jurisdiction under which a foreign limited partnership is formed govern its formation and internal affairs and the liability of its limited partners, and (ii) a foreign limited partnership may not be denied a certificate of registration by reason of any difference between those laws and the laws of this Commonwealth. However, a foreign limited partnership holding a valid certificate of registration to transact business in the Commonwealth shall have no greater rights and privileges than a domestic limited partnership. The certificate of registration shall not be deemed to authorize the foreign limited partnership to exercise any of its powers or purposes that a domestic limited partnership is forbidden by law to exercise in the Commonwealth.

Legislative History

1985, c. 607; 2007, c. 631.