AI-assisted research summary: A foreign corporation may not transact business in this state until it has authority from the commission.
10-1501 - Authority to transact business required 10-1501 . Authority to transact business required A. A foreign corporation shall not transact business in this state until it is granted authority to transact business in this state as provided in this chapter from the commission. B. The following activities, among others, do not constitute transacting business within the meaning of subsection A: 1. Maintaining, defending or settling any proceeding. 2. Holding meetings of the board of directors or shareholders or carrying on other activities concerning internal corporate affairs. 3. Maintaining bank accounts. 4. Maintaining offices or agencies for the transfer, exchange and registration of the corporation's own securities or maintaining trustees or depositaries with respect to those securities. 5. Selling through independent contractors. 6. Soliciting or obtaining orders, whether by mail or through employees or agents or otherwise, if the orders require acceptance outside this state before they become contracts. 7. Creating or acquiring indebtedness, mortgages and other security interests in real or personal property. 8. Securing or collecting debts or enforcing mortgages and security interests in property securing the same. 9. Owning, without more, real or personal property. 10. Conducting an isolated transaction that is completed within thirty days and that is not one in the course of repeated transactions of a like nature. 11. Transacting business in interstate commerce. 12. Being a limited partner of a limited partnership or a member of a limited liability company. C. The list of activities in subsection B is not exhaustive. D. This section does not apply to insurance corporations or any corporation transacting in this state only the business of lending monies to religious, social or benevolent associations.