CODE OF VIRGINIA

AUTHORITY TO TRANSACT BUSINESS REQUIRED; GOVERNING LAW (§ 50-73.53)

A. A foreign limited partnership may not transact business in the Commonwealth
until it obtains a certificate of registration from the Commission.

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

HISTORY: 1985, c. 607; 2007, c. 631.