A. Activities of a foreign limited partnership that do not constitute transacting business in this state within the meaning of Article 9 [54-2A-901 NMSA 1978] of the Uniform Revised Limited Partnership Act include:
(1) maintaining, defending and 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 accounts in financial institutions;
(4) maintaining offices or agencies for the transfer, exchange and registration of the foreign limited partnership's own securities or maintaining trustees or depositories with respect to those securities;
(5) selling through independent contractors;
(6) soliciting or obtaining orders, whether by mail or electronic means 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 mortgages or security interests in real or personal property;
(8) securing or collecting debts or foreclosing 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 nonoperating mineral interests; and executing division orders, contracts of sale and other instruments incidental to the ownership of such nonoperating mineral interests;
(10) owning or controlling an interest in a corporation or other entity 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 partnership, a limited liability partnership or a limited liability limited partnership, that transacts business in this state or is organized under the laws of this state;
(12) being a member or a 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 of a like manner; and
(14) transacting business in interstate commerce.
B. For purposes of Article 9 [54-2A-901 NMSA 1978] of the Uniform Revised Limited Partnership Act, the ownership in this state of income-producing real property or tangible personal property, other than property excluded pursuant to Subsection A of this section, constitutes transacting business in this state.
C. This section does not apply in determining the contacts or activities that may subject a foreign limited partnership to service of process, taxation or regulation pursuant to any other law of this state.
History: Laws 2007, ch. 129, § 903.
ANNOTATIONSEffective dates. — Laws 2007, ch. 129, § 1208 made the section effective July 1, 2007.