14-8-54. Transaction of business without certificate of authority by foreign limited liability partnership.

A foreign limited liability partnership transacting business in this state may not maintain an action, suit, or proceeding in a court of this state until it is authorized to transact business in this state.#

The failure of a foreign limited liability partnership to procure a certificate of authority does not impair the validity of any contract or act of the foreign limited liability partnership or prevent the foreign limited liability partnership from defending any action, suit, or proceeding in any court of this state.#

A foreign limited liability partnership that transacts business in this state without registering as required by this chapter shall be liable to the state:#

1. (1)

   For all fees which would have been imposed by this chapter upon such foreign limited liability partnership had it registered as required by this chapter; and#

2. (2)

   If it has not been authorized to transact business in this state within 30 days after the first day on which it transacts business in this state, for a penalty of $500.00 for each year or part thereof during which it so transacts business.#