New Mexico Statutes 54-1A-1104. Activities not constituting transacting business
(a) Activities of a foreign limited liability partnership, which do not constitute transacting business for the purpose of the Uniform Partnership Act (1994) N.M. Stat. Ann. § 54-1A-101 to 54-1A-1206, include:
Terms Used In New Mexico Statutes 54-1A-1104
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Service of process: The service of writs or summonses to the appropriate party.
(1) maintaining, defending or settling an action or proceeding whether judicial, administrative, arbitration or mediation;
(2) holding meetings of its partners or carrying on any other activity concerning its internal affairs;
(3) maintaining bank accounts;
(4) maintaining offices or agencies for the transfer, exchange and registration of the partnership’s own securities or appointing and maintaining trustees or depositories 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 as borrower or lender or acquiring indebtedness, with or without a mortgage or other security interest in real or personal property;
(8) securing or collecting debts or foreclosure mortgages or other security interests in property securing the debts, and holding, protecting and maintaining property so acquired;
(9) investing in or acquiring, in transactions outside New Mexico, royalties and other non-operating mineral interests; executing division orders, contracts of sale and other instruments incidental to the ownership of such non-operating mineral interests;
(10) owning or controlling an interest in a corporation that transacts business in this state or is organized under the laws of this state;
(11) being a partner in a partnership, including a limited liability partnership, that transacts business in this state or is organized under the laws of this state;
(12) being a member or manager of a limited liability company that transacts business in this state or is organized under the laws of this state;
(13) conducting an isolated transaction that is completed within thirty days and is not one in the course of similar transactions; and
(14) transacting business in interstate commerce.
(b) For purposes of the Uniform Partnership Act (1994), the ownership in this state of income-producing real property or tangible personal property, other than property excluded under Subsection (a) of this section constitutes transacting business in this state.
(c) This section does not apply in determining the contracts or activities that may subject a foreign limited liability partnership to service of process, taxation or regulation under any other law of this state.