Section 13.1-1051 - Authority to transact business required; governing lawA. A foreign limited liability company may not transact business in the Commonwealth until it obtains a certificate of registration from the Commission.B. Subject to the Constitution of the Commonwealth:1. Except as provided in §§ 13.1-1099.8 and 13.1-1099.10, the laws of the state or other jurisdiction under which a foreign limited liability company is formed govern its formation and internal affairs and the liability of its members and managers; and2. A foreign limited liability company may not be denied a certificate of registration by reason of any difference between those laws and the laws of the Commonwealth. However, a foreign limited liability company holding a valid certificate of registration to transact business in the Commonwealth shall have no greater rights and privileges than a domestic limited liability company. The certificate of registration shall not be deemed to authorize the foreign limited liability company to exercise any of its powers or purposes that a domestic limited liability company is forbidden by law to exercise in the Commonwealth.
1991, c. 168; 2008, c. 108; 2019, c. 636.Amended by Acts 2019 c. 636, § 1, eff. 7/1/2020.