Iowa Code 489.104 – Governing law
Current as of: 2024 | Check for updates
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The law of this state governs all of the following:
1. The internal affairs of a limited liability company.
Terms Used In Iowa Code 489.104
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Manager: means a person that under the operating agreement of a manager-managed limited liability company is responsible, alone or in concert with others, for performing the management functions stated in section 489. See Iowa Code 489.102
- Member: means a person for whom all of the following are true:a. See Iowa Code 489.102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Iowa Code 489.102
2. The liability of a member as member and a manager as manager for a debt, obligation, or other liability of a limited liability company.