Iowa Code § 489.902
Registration to do business in this state
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2025
As of January 1, 2012
A member may maintain a derivative action to enforce a right of a limited liability company as follows:
1. The member first makes a demand on the other members in a member-managed limited liability company, or the managers of a manager-managed limited liability company, requesting that they cause the company to bring an action to enforce the right, and the managers or other members do not bring the action within ninety days from the date the demand was made unless the member has earlier been notified that the demand has been rejected by the company or unless irreparable injury to the company would result by waiting for the expiration of the ninety-day period.
2. A demand under subsection 1 would be futile.
Referred to in
1. A foreign limited liability company shall not do business in this state until it registers with the secretary of state under this chapter.
2. A foreign limited liability company doing business in this state shall not maintain a proceeding in any court of this state until it is registered to do business in this state.
3. The failure of a foreign limited liability company to register to do business in this state does not impair the validity of a contract or act of the foreign company or preclude it from defending a proceeding in this state.
4. A limitation on the liability of a member or manager of a foreign limited liability company is not waived solely because the foreign company does business in this state without registering.
5. Section 489.901, subsection 1, applies even if a foreign limited liability company fails to register under this subchapter.
Former §489.902 transferred to §489.802;
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.