§1347.  Effect of certificate of authority

A foreign limited liability company which receives a certificate of authority shall, until a certificate of revocation or a withdrawal shall have been issued as provided in this Chapter:

(1)  Be authorized to transact business in this state, subject to such limitations as may be recited in the certificate of authority.  

(2)  Enjoy the same, but no greater, rights and privileges as a limited liability company organized under the laws of this state to transact the business that such foreign limited liability company is authorized to transact in this state.  

(3)  Except as otherwise provided in this Chapter, be subject to the same duties, restrictions, penalties, and liabilities as are imposed upon limited liability companies organized under the laws of this state.  

Acts 1992, No. 780, §2, eff. July 7, 1992.