Nevada § 88.600 - Penalty for transacting business without registration; enforcement; regulations

§ 88.600. Penalty for transacting business without registration; enforcement; regulations

1. Every foreign limited partnership transacting business in this State which willfully

fails or neglects to register with the Secretary of State in accordance with the provisions

of NRS 87A.540 or 88.575 is subject to a fine of not less than $1,000 but not more than $10,000, to be recovered

in a court of competent jurisdiction. 2. Every foreign limited partnership transacting business in this State which fails

or neglects to register with the Secretary of State in accordance with the provisions

of NRS 87A.540 or 88.575 may not commence or maintain any action, suit or proceeding in any court of this

State until it has registered in this State. 3. The failure of a foreign limited partnership to register with the Secretary of

State does not impair the validity of any contract or act of the foreign limited partnership

or prevent the foreign limited partnership from defending any action, suit or proceeding

in any court of this State. 4. When the Secretary of State is advised that a foreign limited partnership is subject

to the fine described in subsection 1, the Secretary of State may, as soon as practicable,

refer the matter to the district attorney of the county where the foreign limited

partnership has its principal place of business or the Attorney General, or both,

for a determination of whether to institute proceedings to recover the fine. The district attorney of the county where the foreign limited partnership has its

principal place of business or the Attorney General may institute and prosecute the

appropriate proceedings to recover the fine. If the district attorney or the Attorney General prevails in a proceeding to recover

the fine described in subsection 1, the district attorney or the Attorney General

is entitled to recover the costs of the proceeding, including, without limitation,

the cost of any investigation and reasonable attorney's fees. 5. In the course of an investigation of a violation of this section, the Secretary

of State may require a foreign limited partnership to answer any interrogatory submitted

by the Secretary of State that will assist in the investigation. 6. A limited partner of a foreign limited partnership is not liable as a general partner

of the foreign limited partnership solely by reason of having transacted business

in this State without registration. 7. A foreign limited partnership, by transacting business in this State without registering

with the Secretary of State, appoints the Secretary of State as its agent for service

of process with respect to causes of action arising out of the transaction of business

in this State. 8. The Secretary of State may adopt regulations to administer the provisions of this

section.