Law Governing Foreign Limited Liability Companies

Law Governing Foreign Limited Liability Companies. (a) The laws of the state or other jurisdiction under which a foreign limited liability company is organized govern its organization and internal affairs and the liability of its managers, members, and their transferees. (b) A foreign limited liability company may not be denied a certificate of authority by reason of any difference between the laws of another jurisdiction under which the foreign company is organized and the laws of the Commonwealth. (c) A certificate of authority does not authorize a foreign limited liability company to engage in any business or exercise any power that a limited liability company may not engage in or exercise in the Commonwealth. Source: PL 14-11, § 2 (1001). Commission Comment: See the comment to 4 CMC § 4801 regarding PL 14-11.