Is there any penalty to transact business without getting certificate of authority?

Yes, if any entity who would not get certificate of authority then:

* the entity cannot maintain an action, suit, or proceeding in a court until it registers;

* the attorney general can enjoin the entity from transacting business in the state;

* the entity is subject to a civil penalty equal to all fees and taxes that would have been imposed if the entity had registered when first required; and

* If the entity has transacted business in the state for more than ninety (90) days, the secretary of state may condition the filing of the registration on the payment of a late filing fee equal to the registration fee for each year or part of year of delinquency.

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Source: Business Documents Filing In All 50 States