50-73.53 - Authority to transact business required; governing law. - Virginia Statutes

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

A. A foreign limited partnership may not transact business in theCommonwealth until it obtains a certificate of registration from theCommission.

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

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