Iowa Code § 489.901
Governing law
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2025
As of January 1, 2012
1. Subject to subsection 2, a member may maintain a direct action against another member, a manager, or the limited liability company to enforce the member’s rights and otherwise protect the member’s interests, including rights and interests under the operating agreement or this chapter or arising independently of the membership relationship.
2. A member maintaining a direct action under this section must plead and prove an actual or threatened injury that is not solely the result of an injury suffered or threatened to be suffered by the limited liability company.
Referred to in
1. The law of the jurisdiction of formation of a foreign limited liability company governs all of the following:
a. The internal affairs of the foreign limited liability company.
b. The liability of a member as member and manager as manager for a debt, obligation, or other liability of the foreign limited liability company.
c. The liability of a series of the foreign limited liability company.
2. A foreign limited liability company is not precluded from registering to do business in this state because of any difference between the law of the foreign limited liability company’s jurisdiction of formation and the law of this state.
3. Registration of a foreign limited liability company to do business in this state does not permit the foreign limited liability company to engage in any business or affairs or exercise any power that a limited liability company cannot lawfully engage in or exercise in this state.
C2009, §489.801
C2024, §489.901
Former §489.901 transferred to §489.801 by
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.