Section 79-11-363 - Foreign corporations, authority to transact business; transacting business defined(1) A foreign corporation may not transact business in this state until it obtains a certificate of authority from the Secretary of State.(2) The following activities, among others, do not constitute transacting business within the meaning of subsection (1) of this section:(a) Maintaining, defending or settling any proceeding;(b) Holding meetings of the board of directors or members or carrying on other activities concerning internal corporate affairs;(c) Maintaining bank accounts;(d) Maintaining offices or agencies for the transfer, exchange and registration of memberships or securities or maintaining trustees or depositaries with respect to those securities;(e) Selling through independent contractors;(f) 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;(g) Creating or acquiring indebtedness, mortgages and security interests in real or personal property;(h) Securing or collecting debts or enforcing mortgages and security interests in property securing the debts;(i) Owning, without more, real or personal property;(j) Conducting an isolated transaction that is completed within thirty (30) days and that is not one in the course of repeated transactions of a like nature;(k) Transacting business in interstate commerce.(3) The list of activities in subsection (2) of this section is not exhaustive.Laws, 1987, ch. 485, § 132, eff. 1/1/1988.