Iowa Code § 489.906
Noncomplying name of foreign limited liability company
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2025
As of January 1, 2012
1. Except as otherwise provided in subsection 2, all of the following apply:
a. Any proceeds or other benefits of a derivative action under section 489.902, whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff.
b. If the plaintiff receives any proceeds, the plaintiff shall remit them immediately to the company.
2. If a derivative action under section 489.902 is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney fees and costs, from the recovery of the limited liability company.
1. A foreign limited liability company whose name does not comply with section 489.112 shall not register to do business in this state until it adopts, for the purpose of doing business in this state, an alternate name that complies with section 489.112 by filing a foreign registration statement under section 489.903, or if applicable, a transfer of registration statement under section 489.910, setting forth that alternate name. After registering to do business in this state with an alternate name, a foreign limited liability company shall do business in this state under any of the following:
a. The alternate name.
b. The foreign limited liability company’s name, with the addition of its jurisdiction of formation.
2. If a registered foreign limited liability company changes its name after registration to a name that does not comply with section 489.112, it shall not do business in this state until it complies with subsection 1 by amending its registration statement to adopt an alternate name that complies with section 489.112.
Former §489.906 transferred to §489.806;
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.