<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s7839c83245844a53ad9b4e5633bda507Normal { text-align: center; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s7839c83245844a53ad9b4e5633bda507HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s7839c83245844a53ad9b4e5633bda507HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s7839c83245844a53ad9b4e5633bda507Normal-000000 { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s7839c83245844a53ad9b4e5633bda507000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s7839c83245844a53ad9b4e5633bda507B { margin-left: 1.38in; text-indent: -1.38in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT"><meta property="og:description" content="SDLRC Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/47-34A"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A</span></a></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span class="s7839c83245844a53ad9b4e5633bda507HG4C">UNIFORM LIMITED LIABILITY COMPANY ACT</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span class="s7839c83245844a53ad9b4e5633bda507HG4">ARTICLE I. GENERAL PROVISIONS.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-101" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-101</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Definitions.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-102" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-102</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-102" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-102</span></a><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">.�Reserved</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-103" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-103</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Operating agreement--Scope--Limitations.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-103.1" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-103.1</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Effect of records that conflict with ��</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-103" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-103</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont"> or operating agreement.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-104" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-104</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Supplemental principles of law.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-105" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-105</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Name.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-106" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-106</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Reserved name.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-107" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-107</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Registration of name--Procedure.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-108" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-108</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-108" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-108</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont"> to 47-34A-111.�Repealed by SL 2008, ch 275, ��74.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-112" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-112</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Nature of business and powers.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-113" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-113</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Governing Law.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-114" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-114</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Freedom of contract.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span class="s7839c83245844a53ad9b4e5633bda507HG4">ARTICLE II. ORGANIZATION.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-201" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-201</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Limited liability company as legal entity.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-202.1" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-202.1</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Organization.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-202.2" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-202.2</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Certificate of organization.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-203" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-203</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Articles of organization.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-204" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-204</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Amendment or restatement of articles of organization.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-205" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-205</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Signing of records.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-206" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-206</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Filing in Office of Secretary of State.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-207" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-207</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Correcting filed record.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-208" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-208</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Certificate of existence or authorization.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-209" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-209</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-209" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-209</span></a><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">.�Reserved</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-210" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-210</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Failure or refusal to sign record.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-211" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-211</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Annual report for secretary of state.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-212" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-212</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Fees.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span class="s7839c83245844a53ad9b4e5633bda507HG4">ARTICLE III. RELATIONS OF MEMBERS AND MANAGERS TO PERSONS DEALING WITH LIMITED LIABILITY COMPANY.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-301" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-301</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Agency of members and managers.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-302" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-302</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Limited liability company liable for member's or manager's actionable conduct.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-303" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-303</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Liability of members and managers.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span class="s7839c83245844a53ad9b4e5633bda507HG4">ARTICLE IV. RELATIONS OF MEMBERS TO EACH OTHER AND TO LIMITED LIABILITY COMPANY.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-401" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-401</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Becoming a member.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-401.1" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-401.1</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Form of contribution.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-402" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-402</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Liability for contributions.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-403" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-403</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Member's and manager's rights to payments and reimbursement.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-404.1" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-404.1</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Management of limited liability company.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-404.2" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-404.2</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Classes and voting.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-405" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-405</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Sharing of and right to distributions.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-406" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-406</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Limitations on distributions.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-407" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-407</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Liability for improper distributions.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-408" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-408</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Members' and managers' right to information.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-409" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-409</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����General standards of member's and manager's conduct.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-410" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-410</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Actions by members.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-411" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-411</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Good faith reliance upon information.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span class="s7839c83245844a53ad9b4e5633bda507HG4">ARTICLE V. TRANSFEREES AND CREDITORS OF MEMBER.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-501" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-501</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Member's distributional interest.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-502" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-502</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Transfer of distributional interest.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-503" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-503</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Rights of a transferee.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-504" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-504</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Rights of creditor.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span class="s7839c83245844a53ad9b4e5633bda507HG4">ARTICLE VI. MEMBER'S DISSOCIATION.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-601" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-601</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Events causing a member's dissociation.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-602" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-602</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Member's power to dissociate; wrongful dissociation.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-603" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-603</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Effect of a member's dissociation.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-604" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-604</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Dissociated member's power to bind limited liability company.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-605" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-605</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����State of dissociation.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span class="s7839c83245844a53ad9b4e5633bda507HG4">ARTICLE VII. SERIES LIMITED LIABILITY COMPANIES.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-701" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-701</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Series of members, managers, or limited liability company interests permitted.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-702" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-702</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Liability of series for debts of limited liability company or other series.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-703" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-703</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Name of series.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-704" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-704</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Formation of series Amendment to certificate of designation Dissolution of series Registered agent and office.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-705" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-705</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Rights, powers, and duties relating to series governed by operating agreement.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-706" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-706</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Activities of series in foreign jurisdiction--Registration of series authorized in foreign jurisdiction.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-707" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-707</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Requirements for application for certificate of designation.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span class="s7839c83245844a53ad9b4e5633bda507HG4">ARTICLE VIII. WINDING UP COMPANY'S BUSINESS.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-801" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-801</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Events causing dissolution and winding up of company's business.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-802" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-802</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Limited liability company continues after dissolution.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-803" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-803</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Right to wind up the limited liability company's business.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-804" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-804</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Member's or manager's power and liability as agent after dissolution.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-805" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-805</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Articles of termination.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-806" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-806</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Distribution of assets in winding up the limited liability company's business.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-807" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-807</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Known claims against dissolved limited liability company.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-808" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-808</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Notice--Other claims against dissolved limited liability company.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-809" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-809</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Grounds for administrative dissolution.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-810" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-810</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Procedure for and effect of administrative dissolution.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-811" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-811</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Reinstatement following administrative dissolution.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-812" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-812</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Appeal from denial of reinstatement.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span class="s7839c83245844a53ad9b4e5633bda507HG4">ARTICLE IX. MERGER, CONVERSION, AND DOMESTICATION.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-901" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-901</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Definitions.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-902" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-902</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Merger.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-903" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-903</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Action on plan of merger by constituent limited liability company.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-904" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-904</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Filings required for merger--Effective date.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-905" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-905</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Effect of merger.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-906" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-906</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Conversion.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-907" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-907</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Action on plan of conversion by converting limited liability company.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-908" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-908</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Filings required for conversion--Effective date.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-909" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-909</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Effect of conversion.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-910" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-910</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Domestication.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-911" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-911</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Action on plan of domestication by domesticating limited liability company.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-912" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-912</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Filings required for domestication--Effective date.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-913" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-913</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Effect of domestication.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-914" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-914</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Restrictions on approval of mergers, conversions, and domestications.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-915" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-915</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Article not exclusive.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span class="s7839c83245844a53ad9b4e5633bda507HG4">ARTICLE X. FOREIGN LIMITED LIABILITY COMPANIES.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1001" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1001</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Law governing foreign limited liability companies.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1002" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1002</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Application for certificate of authority.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1003" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1003</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Activities not constituting transacting business.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1004" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1004</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Filing of certificate of authority.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1005" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1005</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Noncomplying name of foreign limited liability company.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1006" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1006</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Revocation of certificate of authority.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1007" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1007</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Cancellation of certificate of authority.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1008" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1008</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Effect of failure to obtain certificate of authority.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1009" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1009</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Action by attorney general.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1010" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1010</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Repealed.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1011" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1011</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Repealed.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1012" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1012</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Repealed.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1013" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1013</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Repealed.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1014" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1014</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Repealed.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1015" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1015</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Repealed.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1016" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1016</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Repealed.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span class="s7839c83245844a53ad9b4e5633bda507HG4">ARTICLE XI. DERIVATIVE ACTIONS.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1101" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1101</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Direct action by member.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1102" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1102</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Derivative action.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1103" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1103</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Proper plaintiff.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1104" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1104</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Pleading.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1105" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1105</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Special litigation committee.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1106" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1106</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Proceeds and expenses.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal"><span class="s7839c83245844a53ad9b4e5633bda507HG4">ARTICLE XII. MISCELLANEOUS PROVISIONS.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507Normal-000000"><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507000001"> </span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1201" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1201</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Uniformity of application and construction.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1202" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1202</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Short title.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1203" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1203</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1203" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1203</span></a><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">, 47-34A-1204.�Reserved.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1205" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1205</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Limited liability company--Organization--Effective date.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1206" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1206</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Fees.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1206.1" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1206.1</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Filing of documents with secretary of state.</span></p><p dir="ltr" class="s7839c83245844a53ad9b4e5633bda507B"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1207" rel="noopener"><span class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">47-34A-1207</span></a><span xml:space="preserve" class="s7839c83245844a53ad9b4e5633bda507DefaultParagraphFont">����Savings clause.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069615Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069615SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069615CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069615Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069615DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069615Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069615Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069615Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 1.58in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069615000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069615SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069615SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069615Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-101"><span class="s2069615SENU">47-34A-101</span></a><span xml:space="preserve" class="s2069615SENU">.�</span><span class="s2069615CL">Definitions.</span></p><p dir="ltr" class="s2069615Normal-000000"><span class="s2069615DefaultParagraphFont">Terms used in this chapter:</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(1)����"Articles of organization" means initial, amended, and restated articles of organization and articles of merger. In the case of a foreign limited liability company, the term includes all records serving a similar function required to be filed in the Office of the Secretary of State or other official having custody of company records in the state or country under whose law it is organized;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(2)����"Business" includes every trade, occupation, profession, and other lawful purpose, whether or not carried on for profit;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(3)����"Contribution" means any benefit provided by a person to a limited liability company:</span></p><p dir="ltr" class="s2069615Normal-000002"><span class="s2069615DefaultParagraphFont">(A)����In order to become a member upon formation of the company and in accordance with an agreement between or among the persons that have agreed to become the initial members of the company;</span></p><p dir="ltr" class="s2069615Normal-000002"><span class="s2069615DefaultParagraphFont">(B)����In order to become a member after the formation of the company and in accordance with an agreement between the person and the company; or</span></p><p dir="ltr" class="s2069615Normal-000002"><span class="s2069615DefaultParagraphFont">(C)����In the person's capacity as a member and in accordance with the operating agreement or an agreement between the member and the company;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(4)����"Debtor in bankruptcy" means a person who is the subject of an order for relief under Title 11 of the United States Code or a comparable order under a successor statute of general application or a comparable order under federal, state, or foreign law governing insolvency;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(5)����"Distribution" means a transfer of money, property, or other benefit from a limited liability company to a member in the member's capacity as a member or to a transferee of the member's distributional interest;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(6)����"Distributional interest" means all of a member's interest in distributions by the limited liability company;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(7)����"Entity" means a person other than an individual;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(8)����"Foreign limited liability company" means an unincorporated entity formed under the law of a jurisdiction other than this state and denominated by that law as a limited liability company;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(9)����"Limited liability company" except in the phrase "foreign limited liability company" means an entity formed under this chapter;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(10)����"Manager" means a person, whether or not a member of a manager-managed company, who is vested with authority under section 301;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(11)����"Manager-managed company" means a limited liability company which is so designated in its articles of organization;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(12)����"Member" means a person that:</span></p><p dir="ltr" class="s2069615Normal-000002"><span class="s2069615DefaultParagraphFont">(A)����Prior to formation of the limited liability company, becomes a member as agreed by that person and the organizer of the limited liability company;</span></p><p dir="ltr" class="s2069615Normal-000002"><span class="s2069615DefaultParagraphFont">(B)����After formation of the limited liability company, becomes a member:</span></p><p dir="ltr" class="s2069615Normal-000003"><span class="s2069615DefaultParagraphFont">(1)����As provided in the operating agreement;</span></p><p dir="ltr" class="s2069615Normal-000003"><span class="s2069615DefaultParagraphFont">(2)����As a result of a transaction effective under Article IX;</span></p><p dir="ltr" class="s2069615Normal-000003"><span class="s2069615DefaultParagraphFont">(3)����With the consent of all the members; and</span></p><p dir="ltr" class="s2069615Normal-000002"><span class="s2069615DefaultParagraphFont">(C)����After having become a member, has not dissociated under Article VI;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(13)����"Member-managed company" means a limited liability company other than a manager-managed company;</span></p><p dir="ltr" class="s2069615Normal-000001"><span xml:space="preserve" class="s2069615000004"> </span></p></div><div><p dir="ltr" class="s2069615Normal-000001"><span xml:space="preserve" class="s2069615DefaultParagraphFont">(14)����"Operating agreement" means any valid agreement, either written or oral, under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-103"><span class="s2069615DefaultParagraphFont">47-34A-103</span></a><span xml:space="preserve" class="s2069615DefaultParagraphFont"> concerning the relations among the members, managers, and limited liability company; however, an integration clause contained in a written operating agreement may be given effect under other law. The term includes amendments to and restatements of the operating agreement. The operating agreement of a limited liability company having only one member shall not be unenforceable by reason of there being only one person who is a party to the operating agreement;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(15)����"Person" means an individual, corporation, business trust, cooperative corporation, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(16)����"Principal office" means the office, whether or not in this state, where the principal executive office of a domestic or foreign limited liability company is located;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(17)����"Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(18)����"Sign" means, with the present intent to authenticate or adopt a record by any means including an electronic signature:</span></p><p dir="ltr" class="s2069615Normal-000002"><span class="s2069615DefaultParagraphFont">(A)����To execute or adopt a tangible symbol; or</span></p><p dir="ltr" class="s2069615Normal-000002"><span class="s2069615DefaultParagraphFont">(B)����To attach to or logically associate with a record an electronic symbol, sound, or process;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(19)����"State" means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(20)����"Transfer" includes an assignment, conveyance, deed, bill of sale, lease, mortgage, security interest, encumbrance, gift, and transfer by operation of law;</span></p><p dir="ltr" class="s2069615Normal-000001"><span class="s2069615DefaultParagraphFont">(21)����"Transferee" means a person to which all or part of a distributional interest has been transferred, whether or not the transferor is a member.</span></p><p dir="ltr" class="s2069615Normal"><span xml:space="preserve" class="s2069615000004"> </span></p><p dir="ltr" class="s2069615Normal"><span class="s2069615SCL">Source:</span><span xml:space="preserve" class="s2069615SCL-000005"> SL 1998, ch 272, ��101; SL 2013, ch 233, ��1.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT47-34A-102 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 47-34A-102 "> <META NAME="Description" Content="South Dakota Codified Laws 47-34A-102"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 47-34A-102. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Reserved<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069617Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069617SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069617CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069617Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069617DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069617Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069617Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069617Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069617000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069617SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069617SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069617Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-103"><span class="s2069617SENU">47-34A-103</span></a><span xml:space="preserve" class="s2069617SENU">.�</span><span class="s2069617CL">Operating agreement--Scope--Limitations.</span></p><p dir="ltr" class="s2069617Normal-000000"><span class="s2069617DefaultParagraphFont">(a) Except as otherwise provided in subsection (b), all members of a limited liability company may enter into an operating agreement, which need not be in writing, to regulate the affairs of the company and the conduct of its business, and to govern relations among the members, managers, and company. A person that becomes a member of a limited liability company is deemed to assent to the operating agreement. To the extent the operating agreement does not otherwise provide, this chapter governs relations among the members, managers, and company.</span></p><p dir="ltr" class="s2069617Normal-000001"><span class="s2069617DefaultParagraphFont">(b) The operating agreement may not:</span></p><p dir="ltr" class="s2069617Normal-000002"><span class="s2069617DefaultParagraphFont">(1)����Eliminate the duty of loyalty under ��47-34A-409(b) or ��47-34A-603(b)(3), but the agreement may, if not manifestly unreasonable:</span></p><p dir="ltr" class="s2069617Normal-000003"><span class="s2069617DefaultParagraphFont">(i)����Identify specific types or categories of activities that do not violate the duty of loyalty; and</span></p><p dir="ltr" class="s2069617Normal-000003"><span class="s2069617DefaultParagraphFont">(ii)����Specify the number or percentage of members or disinterested managers that may authorize or ratify, after full disclosure of all material facts, a specific act or transaction that otherwise would violate the duty of loyalty;</span></p><p dir="ltr" class="s2069617Normal-000002"><span class="s2069617DefaultParagraphFont">(2)����Eliminate the obligation of good faith and fair dealing under ��47-34A-409(d), but the operating agreement may determine the standards by which the performance of the obligation is to be measured, if the standards are not manifestly unreasonable;</span></p><p dir="ltr" class="s2069617Normal-000002"><span class="s2069617DefaultParagraphFont">(3)����Vary the right to expel a member in an event specified in ��47-34A-601(6);</span></p><p dir="ltr" class="s2069617Normal-000002"><span class="s2069617DefaultParagraphFont">(4)����Vary the requirement to wind up the limited liability company's business in a case specified in ��47-34A-801(a)(3) or (4); or</span></p><p dir="ltr" class="s2069617Normal-000002"><span class="s2069617DefaultParagraphFont">(5)����Restrict rights of a person, other than a manager, member, and transferee of a member's distributional interest, under this chapter.</span></p><p dir="ltr" class="s2069617Normal-000001"><span class="s2069617DefaultParagraphFont">(c) If not manifestly unreasonable, the operating agreement may:</span></p><p dir="ltr" class="s2069617Normal-000002"><span xml:space="preserve" class="s2069617DefaultParagraphFont">(1)����Restrict a right to information or access to records under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-408"><span class="s2069617DefaultParagraphFont">47-34A-408</span></a><span class="s2069617DefaultParagraphFont">;</span></p><p dir="ltr" class="s2069617Normal-000002"><span class="s2069617DefaultParagraphFont">(2)����Reduce the duty of care under ��47-34A-409(c) or ��47-34A-603(b)(3);</span></p><p dir="ltr" class="s2069617Normal-000002"><span class="s2069617DefaultParagraphFont">(3)����Alter any other fiduciary duty, including eliminating particular aspects of that duty.</span></p><p dir="ltr" class="s2069617Normal-000001"><span class="s2069617DefaultParagraphFont">(d) The court shall decide any claim under this section that a term of an operating agreement is manifestly unreasonable. The court:</span></p><p dir="ltr" class="s2069617Normal-000002"><span class="s2069617DefaultParagraphFont">(1)����Shall make its determination as of the time the challenged term became part of the operating agreement and by considering only circumstances existing at that time; and</span></p><p dir="ltr" class="s2069617Normal-000002"><span class="s2069617DefaultParagraphFont">(2)����May invalidate the term only if, in light of the purposes and activities of the limited liability company, it is readily apparent that:</span></p><p dir="ltr" class="s2069617Normal-000003"><span class="s2069617DefaultParagraphFont">(i)����The objective of the term is unreasonable; or</span></p><p dir="ltr" class="s2069617Normal-000003"><span class="s2069617DefaultParagraphFont">(ii)����The term is an unreasonable means to achieve the provision's objective.</span></p><p dir="ltr" class="s2069617Normal"><span xml:space="preserve" class="s2069617000004"> </span></p><p dir="ltr" class="s2069617Normal"><span class="s2069617SCL">Source:</span><span xml:space="preserve" class="s2069617SCL-000005"> SL 1998, ch 272, ��103; SL 2013, ch 233, ��2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069618Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069618SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069618CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069618Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069618DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069618Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069618Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069618000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069618SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069618SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069618Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-103.1"><span class="s2069618SENU">47-34A-103.1</span></a><span xml:space="preserve" class="s2069618SENU">.�</span><span xml:space="preserve" class="s2069618CL">Effect of records that conflict with ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-103"><span class="s2069618CL">47-34A-103</span></a><span xml:space="preserve" class="s2069618CL"> or operating agreement.</span></p><p dir="ltr" class="s2069618Normal-000000"><span xml:space="preserve" class="s2069618DefaultParagraphFont">(a) If a record that has been delivered by a limited liability company to the Office of the Secretary of State for filing and has become effective under this chapter, contains a provision that would be ineffective under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-103"><span class="s2069618DefaultParagraphFont">47-34A-103</span></a><span xml:space="preserve" class="s2069618DefaultParagraphFont"> if contained in the operating agreement, the provision is likewise ineffective in the record.</span></p><p dir="ltr" class="s2069618Normal-000001"><span class="s2069618DefaultParagraphFont">(b) Subject to subsection (a) of this section, if a record that has been delivered by a limited liability company to the Office of the Secretary of State for filing, and which has become effective under this chapter, conflicts with a provision of the operating agreement:</span></p><p dir="ltr" class="s2069618Normal-000002"><span class="s2069618DefaultParagraphFont">(1)����The operating agreement prevails as to members, dissociated members, transferees, and managers; and</span></p><p dir="ltr" class="s2069618Normal-000002"><span class="s2069618DefaultParagraphFont">(2)����The record prevails as to other persons to the extent they reasonably rely on the record.</span></p><p dir="ltr" class="s2069618Normal"><span xml:space="preserve" class="s2069618000003"> </span></p><p dir="ltr" class="s2069618Normal"><span class="s2069618SCL">Source:</span><span xml:space="preserve" class="s2069618SCL-000004"> SL 2013, ch 233, ��3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069619Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069619SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069619CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069619Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069619DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069619Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069619000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069619SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069619SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069619Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-104"><span class="s2069619SENU">47-34A-104</span></a><span xml:space="preserve" class="s2069619SENU">.�</span><span class="s2069619CL">Supplemental principles of law.</span></p><p dir="ltr" class="s2069619Normal-000000"><span class="s2069619DefaultParagraphFont">(a) Unless displaced by particular provisions of this chapter the principles of law and equity supplement this chapter.</span></p><p dir="ltr" class="s2069619Normal-000001"><span class="s2069619DefaultParagraphFont">(b) If an obligation to pay interest arises under this chapter and the rate is not specified, the rate is that specified in subdivision 54-3-16(1).</span></p><p dir="ltr" class="s2069619Normal"><span xml:space="preserve" class="s2069619000002"> </span></p><p dir="ltr" class="s2069619Normal"><span class="s2069619SCL">Source:</span><span xml:space="preserve" class="s2069619SCL-000003"> SL 1998, ch 272, ��104.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069620Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069620SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069620CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069620Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069620DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069620Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069620Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069620000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069620SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069620SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069620Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-105"><span class="s2069620SENU">47-34A-105</span></a><span xml:space="preserve" class="s2069620SENU">.�</span><span class="s2069620CL">Name.</span></p><p dir="ltr" class="s2069620Normal-000000"><span class="s2069620DefaultParagraphFont">(a) The name of a limited liability company must contain, limited liability company, or limited company, or the abbreviation, L.L.C., LLC, L.C., or LC. Limited may be abbreviated as Ltd. and company may be abbreviated as Co.</span></p><p dir="ltr" class="s2069620Normal-000001"><span class="s2069620DefaultParagraphFont">(b) Except as authorized by subsections (c) and (d), the name of a limited liability company must be distinguishable upon the records of the secretary of state from:</span></p><p dir="ltr" class="s2069620Normal-000002"><span class="s2069620DefaultParagraphFont">(1)����The name of any corporation, limited partnership, or company incorporated, organized or authorized to transact business, in this state;</span></p><p dir="ltr" class="s2069620Normal-000002"><span xml:space="preserve" class="s2069620DefaultParagraphFont">(2)����A name reserved or registered under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-106"><span class="s2069620DefaultParagraphFont">47-34A-106</span></a><span xml:space="preserve" class="s2069620DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-107"><span class="s2069620DefaultParagraphFont">47-34A-107</span></a><span class="s2069620DefaultParagraphFont">;</span></p><p dir="ltr" class="s2069620Normal-000002"><span xml:space="preserve" class="s2069620DefaultParagraphFont">(3)����A fictitious name approved under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1005"><span class="s2069620DefaultParagraphFont">47-34A-1005</span></a><span xml:space="preserve" class="s2069620DefaultParagraphFont"> for a foreign company authorized to transact business in this state because its real name is unavailable.</span></p><p dir="ltr" class="s2069620Normal-000001"><span class="s2069620DefaultParagraphFont">(c) A limited liability company may apply to the secretary of state for authorization to use a name that is not distinguishable upon the records of the secretary of state from one or more of the names described in subsection (b). The secretary of state shall authorize use of the name applied for if:</span></p><p dir="ltr" class="s2069620Normal-000002"><span class="s2069620DefaultParagraphFont">(1)����The present user, registrant, or owner of a reserved name consents to the use in a record and submits an undertaking in form satisfactory to the secretary of state to change the name to a name that is distinguishable upon the records of the secretary of state from the name applied for; or</span></p><p dir="ltr" class="s2069620Normal-000002"><span class="s2069620DefaultParagraphFont">(2)����The applicant delivers to the secretary of state a certified copy of the final judgment of a court of competent jurisdiction establishing the applicant's right to use the name applied for in this state.</span></p><p dir="ltr" class="s2069620Normal-000001"><span class="s2069620DefaultParagraphFont">(d) A limited liability company may use the name, including a fictitious name, of another domestic or foreign company which is used in this state if the other company is organized or authorized to transact business in this state and the company proposing to use the name has:</span></p><p dir="ltr" class="s2069620Normal-000002"><span class="s2069620DefaultParagraphFont">(1)����Merged with the other company;</span></p><p dir="ltr" class="s2069620Normal-000002"><span class="s2069620DefaultParagraphFont">(2)����Been formed by reorganization with the other company; or</span></p><p dir="ltr" class="s2069620Normal-000002"><span class="s2069620DefaultParagraphFont">(3)����Acquired substantially all of the assets, including the name, of the other company.</span></p><p dir="ltr" class="s2069620Normal"><span xml:space="preserve" class="s2069620000003"> </span></p><p dir="ltr" class="s2069620Normal"><span class="s2069620SCL">Source:</span><span xml:space="preserve" class="s2069620SCL-000004"> SL 1998, ch 272, ��105.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069621Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069621SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069621CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069621Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069621DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069621Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069621Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069621DefaultParagraphFont-000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069621000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069621SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069621SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069621Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-106"><span class="s2069621SENU">47-34A-106</span></a><span xml:space="preserve" class="s2069621SENU">.�</span><span class="s2069621CL">Reserved name.</span></p><p dir="ltr" class="s2069621Normal-000000"><span class="s2069621DefaultParagraphFont">The exclusive right to the use of a name may be reserved by:</span></p><p dir="ltr" class="s2069621Normal-000001"><span class="s2069621DefaultParagraphFont">(1)����Any person intending to organize a limited liability company under this chapter and to adopt that name;</span></p><p dir="ltr" class="s2069621Normal-000001"><span class="s2069621DefaultParagraphFont">(2)����Any domestic limited liability company or any foreign limited liability company registered in this state which, in either case, intends to adopt that name;</span></p><p dir="ltr" class="s2069621Normal-000001"><span class="s2069621DefaultParagraphFont">(3)����Any foreign limited liability company intending to register in this state and adopt that name; and</span></p><p dir="ltr" class="s2069621Normal-000001"><span class="s2069621DefaultParagraphFont">(4)����Any person intending to organize a foreign limited liability company and intending to have it registered in this state and adopt that name.</span></p><p dir="ltr" class="s2069621Normal-000002"><span class="s2069621DefaultParagraphFont">The reservation shall be made by filing with the secretary of state an application, executed by the applicant, to reserve a specified name. If the secretary of state finds that the name is available for use by a domestic or foreign limited liability company, the secretary of state shall reserve the name for the exclusive use of the applicant for a period of one hundred twenty days. Once having so reserved a name, the same applicant may not again reserve the same name until more than sixty days after the expiration of the last one hundred twenty</span><span class="s2069621DefaultParagraphFont-000003">-</span><span class="s2069621DefaultParagraphFont">day period for which that applicant reserved that name. The right to the exclusive use of a reserved name may be transferred to any other person by filing in the Office of the Secretary of State a notice of the transfer, executed by the applicant for whom the name was reserved and specifying the name and address of the transferee.</span></p><p dir="ltr" class="s2069621Normal"><span xml:space="preserve" class="s2069621000004"> </span></p><p dir="ltr" class="s2069621Normal"><span class="s2069621SCL">Source:</span><span xml:space="preserve" class="s2069621SCL-000005"> SL 1998, ch 272, ��106.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069622Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069622SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069622CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069622Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069622DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069622Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069622Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069622DefaultParagraphFont-000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069622000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069622SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069622SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069622Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-107"><span class="s2069622SENU">47-34A-107</span></a><span xml:space="preserve" class="s2069622SENU">.�</span><span class="s2069622CL">Registration of name--Procedure.</span></p><p dir="ltr" class="s2069622Normal-000000"><span xml:space="preserve" class="s2069622DefaultParagraphFont">(a) A foreign limited liability company may register its name subject to the requirements of ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1005"><span class="s2069622DefaultParagraphFont">47-34A-1005</span></a><span class="s2069622DefaultParagraphFont">, if the name is distinguishable upon the records of the secretary of state from names that are not available under ��47-34A-105(b).</span></p><p dir="ltr" class="s2069622Normal-000001"><span xml:space="preserve" class="s2069622DefaultParagraphFont">(b) A foreign limited liability company registers its name, or its name with any addition required by ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1005"><span class="s2069622DefaultParagraphFont">47-34A-1005</span></a><span class="s2069622DefaultParagraphFont">, by delivering to the secretary of state for filing an application:</span></p><p dir="ltr" class="s2069622Normal-000002"><span xml:space="preserve" class="s2069622DefaultParagraphFont">(1)����Setting forth its name, or its name with any addition required by ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1005"><span class="s2069622DefaultParagraphFont">47-34A-1005</span></a><span class="s2069622DefaultParagraphFont">, the state or country and date of its organization, and a brief description of the nature of the business in which it is engaged; and</span></p><p dir="ltr" class="s2069622Normal-000002"><span class="s2069622DefaultParagraphFont">(2)����Accompanied by a certificate of existence, or a record of similar import, from the state or country of organization.</span></p><p dir="ltr" class="s2069622Normal-000001"><span class="s2069622DefaultParagraphFont">(c) A foreign limited liability company whose registration is effective may renew it for successive years by delivering for filing in the office of the secretary of state a renewal application complying with subsection (b) between October first and December thirty</span><span class="s2069622DefaultParagraphFont-000003">-</span><span class="s2069622DefaultParagraphFont">first of the preceding year. The renewal application renews the registration for the following calendar year.</span></p><p dir="ltr" class="s2069622Normal-000001"><span class="s2069622DefaultParagraphFont">(d) A foreign limited liability company whose registration is effective may qualify as a foreign company under its name or consent in writing to the use of its name by a limited liability company later organized under this chapter or by another foreign company later authorized to transact business in this state. The registered name terminates when the limited liability company is organized or the foreign company qualifies or consents to the qualification of another foreign company under the registered name.</span></p><p dir="ltr" class="s2069622Normal"><span xml:space="preserve" class="s2069622000004"> </span></p><p dir="ltr" class="s2069622Normal"><span class="s2069622SCL">Source:</span><span xml:space="preserve" class="s2069622SCL-000005"> SL 1998, ch 272, ��107.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT47-34A-108 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 47-34A-108 "> <META NAME="Description" Content="South Dakota Codified Laws 47-34A-108"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 47-34A-108 to 47-34A-111. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2008, ch 275, &#167;&nbsp;74.<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069624Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069624SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069624CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069624Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069624DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069624Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069624Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069624000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069624SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069624SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069624Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-112"><span class="s2069624SENU">47-34A-112</span></a><span xml:space="preserve" class="s2069624SENU">.�</span><span class="s2069624CL">Nature of business and powers.</span></p><p dir="ltr" class="s2069624Normal-000000"><span xml:space="preserve" class="s2069624DefaultParagraphFont">(a) A limited liability company may be organized under this chapter for any lawful purpose, subject to any law of this state governing or regulating business including regulation of professional service firms. Limited liability companies may not engage in activities proscribed by chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-9A"><span class="s2069624DefaultParagraphFont">47-9A</span></a><span xml:space="preserve" class="s2069624DefaultParagraphFont"> unless the ownership restrictions are met by the membership of the limited liability company by substitution of members for shareholders in that chapter.</span></p><p dir="ltr" class="s2069624Normal-000001"><span class="s2069624DefaultParagraphFont">(b) Unless its articles of organization provide otherwise, a limited liability company has the same powers as an individual to do all things necessary or convenient to carry on its business or affairs, including power to:</span></p><p dir="ltr" class="s2069624Normal-000002"><span class="s2069624DefaultParagraphFont">(1)����Sue and be sued, and defend in its name;</span></p><p dir="ltr" class="s2069624Normal-000002"><span class="s2069624DefaultParagraphFont">(2)����Purchase, receive, lease, or otherwise acquire, and own, hold, improve, use, and otherwise deal with real or personal property, or any legal or equitable interest in property, wherever located;</span></p><p dir="ltr" class="s2069624Normal-000002"><span class="s2069624DefaultParagraphFont">(3)����Sell, convey, mortgage, grant a security interest in, lease, exchange, and otherwise encumber or dispose of all or any part of its property;</span></p><p dir="ltr" class="s2069624Normal-000002"><span class="s2069624DefaultParagraphFont">(4)����Purchase, receive, subscribe for, or otherwise acquire, own, hold, vote, use, sell, mortgage, lend, grant a security interest in, or otherwise dispose of and deal in and with, shares or other interests in or obligations of any other entity;</span></p><p dir="ltr" class="s2069624Normal-000002"><span class="s2069624DefaultParagraphFont">(5)����Make contracts and guarantees, incur liabilities, borrow money, issue its notes, bonds, and other obligations, which may be convertible into or include the option to purchase other securities of the limited liability company, and secure any of its obligations by a mortgage on or a security interest in any of its property, franchises, or income;</span></p><p dir="ltr" class="s2069624Normal-000002"><span class="s2069624DefaultParagraphFont">(6)����Lend money, invest and reinvest its funds, and receive and hold real and personal property as security for repayment;</span></p><p dir="ltr" class="s2069624Normal-000002"><span class="s2069624DefaultParagraphFont">(7)����Be a promoter, partner, member, associate, or manager of any partnership, joint venture, trust, or other entity including but not limited to limited partnerships and limited liability companies;</span></p><p dir="ltr" class="s2069624Normal-000002"><span class="s2069624DefaultParagraphFont">(8)����Conduct its business, locate offices, and exercise the powers granted by this chapter within or without this state;</span></p><p dir="ltr" class="s2069624Normal-000002"><span class="s2069624DefaultParagraphFont">(9)����Elect managers and appoint officers, employees, and agents of the limited liability company, define their duties, fix their compensation, and lend them money and credit, or otherwise assist its members;</span></p><p dir="ltr" class="s2069624Normal-000002"><span class="s2069624DefaultParagraphFont">(10)����Pay pensions and establish pension plans, pension trusts, profit sharing plans, bonus plans, option plans, and benefit or incentive plans for any or all of its current or former members, managers, officers, employees, and agents;</span></p><p dir="ltr" class="s2069624Normal-000002"><span class="s2069624DefaultParagraphFont">(11)����Make donations for the public welfare or for charitable, scientific, or educational purposes; and</span></p><p dir="ltr" class="s2069624Normal-000002"><span class="s2069624DefaultParagraphFont">(12)����Make payments or donations, or do any other act, not inconsistent with law, that furthers the business of the limited liability company.</span></p><p dir="ltr" class="s2069624Normal"><span xml:space="preserve" class="s2069624000003"> </span></p><p dir="ltr" class="s2069624Normal"><span class="s2069624SCL">Source:</span><span xml:space="preserve" class="s2069624SCL-000004"> SL 1998, ch 272, ��112.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069625Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069625SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069625CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069625Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069625DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069625Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069625000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069625SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069625SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069625Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-113"><span class="s2069625SENU">47-34A-113</span></a><span xml:space="preserve" class="s2069625SENU">.�</span><span class="s2069625CL">Governing Law.</span></p><p dir="ltr" class="s2069625Normal-000000"><span class="s2069625DefaultParagraphFont">The law of this state governs:</span></p><p dir="ltr" class="s2069625Normal-000001"><span class="s2069625DefaultParagraphFont">(1)����The internal affairs of a limited liability company; and</span></p><p dir="ltr" class="s2069625Normal-000001"><span class="s2069625DefaultParagraphFont">(2)����The liability of a member as member and a manager as manager for the debts, obligations, or other liabilities of a limited liability company.</span></p><p dir="ltr" class="s2069625Normal"><span xml:space="preserve" class="s2069625000002"> </span></p><p dir="ltr" class="s2069625Normal"><span class="s2069625SCL">Source:</span><span xml:space="preserve" class="s2069625SCL-000003"> SL 2013, ch 233, ��4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069626Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069626SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069626CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069626Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069626DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069626000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069626SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069626SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069626Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-114"><span class="s2069626SENU">47-34A-114</span></a><span xml:space="preserve" class="s2069626SENU">.�</span><span class="s2069626CL">Freedom of contract.</span></p><p dir="ltr" class="s2069626Normal-000000"><span class="s2069626DefaultParagraphFont">It is the policy of this chapter and this state to give maximum effect to the principles of freedom of contract and to the enforceability of operating agreements.</span></p><p dir="ltr" class="s2069626Normal"><span xml:space="preserve" class="s2069626000001"> </span></p><p dir="ltr" class="s2069626Normal"><span class="s2069626SCL">Source:</span><span xml:space="preserve" class="s2069626SCL-000002"> SL 2013, ch 233, ��5.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069627Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069627SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069627CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069627Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069627DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069627000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069627SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069627SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069627Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-201"><span class="s2069627SENU">47-34A-201</span></a><span xml:space="preserve" class="s2069627SENU">.�</span><span class="s2069627CL">Limited liability company as legal entity.</span></p><p dir="ltr" class="s2069627Normal-000000"><span class="s2069627DefaultParagraphFont">A limited liability company is a legal entity distinct from its members. A member of a limited liability company is not a proper party to proceedings by or against a limited liability company.</span></p><p dir="ltr" class="s2069627Normal"><span xml:space="preserve" class="s2069627000001"> </span></p><p dir="ltr" class="s2069627Normal"><span class="s2069627SCL">Source:</span><span xml:space="preserve" class="s2069627SCL-000002"> SL 1998, ch 272, ��201.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069628Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069628SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069628CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069628Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069628DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069628Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069628Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069628000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069628SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069628SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069628Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-202.1"><span class="s2069628SENU">47-34A-202.1</span></a><span xml:space="preserve" class="s2069628SENU">.�</span><span class="s2069628CL">Organization.</span></p><p dir="ltr" class="s2069628Normal-000000"><span class="s2069628DefaultParagraphFont">(a) One or more persons may organize a limited liability company, consisting of one or more members, by delivering articles of organization to the Office of the Secretary of State for filing.</span></p><p dir="ltr" class="s2069628Normal-000001"><span class="s2069628DefaultParagraphFont">(b) Unless a delayed effective date is specified in accordance with ��47-34A-206(d), the existence of a limited liability company begins when the articles of organization are filed.</span></p><p dir="ltr" class="s2069628Normal-000001"><span class="s2069628DefaultParagraphFont">(c) The original articles of organization shall be delivered to the secretary of state. Delivery may be made by electronic transmission if and to the extent permitted by the Office of the Secretary of State. If the document is filed in typewritten or printed form and not transmitted electronically, the Office of the Secretary of State may require one exact or conformed copy to be delivered with the document. If the secretary of state finds that the articles of organization conform to law, the secretary of state shall, when all fees have been paid as prescribed:</span></p><p dir="ltr" class="s2069628Normal-000002"><span class="s2069628DefaultParagraphFont">(1)����Endorse the original with the word, Filed, and the month, date, and year of the filing;</span></p><p dir="ltr" class="s2069628Normal-000002"><span class="s2069628DefaultParagraphFont">(2)����File the original;</span></p><p dir="ltr" class="s2069628Normal-000002"><span class="s2069628DefaultParagraphFont">(3)����Issue a certificate of organization and affix to the certificate, the exact or conforming copy.</span></p><p dir="ltr" class="s2069628Normal-000001"><span class="s2069628DefaultParagraphFont">The certificate of organization, together with the exact or conforming copy of the articles of organization affixed to it by the secretary of state, shall be returned to the principal office of the limited liability company or to its representative.</span></p><p dir="ltr" class="s2069628Normal"><span xml:space="preserve" class="s2069628000003"> </span></p><p dir="ltr" class="s2069628Normal"><span class="s2069628SCL">Source:</span><span xml:space="preserve" class="s2069628SCL-000004"> SL 1998, ch 272, ��202.1; SL 2005, ch 241, ��1; SL 2012, ch 222, ��14.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069629Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069629SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069629CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069629Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069629DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069629Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069629000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069629SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069629SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069629Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-202.2"><span class="s2069629SENU">47-34A-202.2</span></a><span xml:space="preserve" class="s2069629SENU">.�</span><span class="s2069629CL">Certificate of organization.</span></p><p dir="ltr" class="s2069629Normal-000000"><span class="s2069629DefaultParagraphFont">Upon the issuance of the certificate of organization, the limited liability company shall be considered organized, and such certificate of organization shall be conclusive evidence that all conditions precedent required to be performed by the members have been complied with and that the limited liability company has been legally organized under this chapter, except as against this state in a proceeding to cancel or revoke the certificate of organization or for involuntary dissolution of the limited liability company.</span></p><p dir="ltr" class="s2069629Normal-000001"><span class="s2069629DefaultParagraphFont">No limited liability company may transact business or incur indebtedness, except that which is incidental to its organization, or except for obtaining subscriptions for or payment of contributions, until the secretary of state has issued a certificate of organization.</span></p><p dir="ltr" class="s2069629Normal"><span xml:space="preserve" class="s2069629000002"> </span></p><p dir="ltr" class="s2069629Normal"><span class="s2069629SCL">Source:</span><span xml:space="preserve" class="s2069629SCL-000003"> SL 1998, ch 272, ��202.2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2084314Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2084314SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2084314CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2084314DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2084314StatuteNumber1 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2084314Normal-000000 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } a.s2084314000001 { text-decoration: none; } span.s2084314000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2084314DefaultParagraphFont-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2084314SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A-203 - Articles of organization."><meta property="og:description" content="SDLRC Codified Law 47-34A-203 - Articles of organization."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-34A-203"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2084314Normal"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-203" rel="noopener"><span class="s2084314SENU">47-34A-203</span></a><span xml:space="preserve" class="s2084314SENU">. </span><span class="s2084314CL">Articles of organization.</span></p><p dir="ltr" class="s2084314Normal"><span class="s2084314DefaultParagraphFont">(a) Articles of organization of a limited liability company must set forth:</span></p><p dir="ltr" class="s2084314StatuteNumber1"><span class="s2084314DefaultParagraphFont">(1)����The name of the company;</span></p><p dir="ltr" class="s2084314StatuteNumber1"><span class="s2084314DefaultParagraphFont">(2)����The address of the initial designated office;</span></p><p dir="ltr" class="s2084314StatuteNumber1"><span xml:space="preserve" class="s2084314DefaultParagraphFont">(3)����The information required by ��</span><a href="https://sdlegislature.gov/Statutes?Statute=59-11-6" rel="noopener"><span class="s2084314DefaultParagraphFont">59-11-6</span></a><span class="s2084314DefaultParagraphFont">;</span></p><p dir="ltr" class="s2084314StatuteNumber1"><span class="s2084314DefaultParagraphFont">(4)����The name and address of each organizer;</span></p><p dir="ltr" class="s2084314StatuteNumber1"><span class="s2084314DefaultParagraphFont">(5)����The duration of the company if other than perpetual;</span></p><p dir="ltr" class="s2084314StatuteNumber1"><span class="s2084314DefaultParagraphFont">(6)����Whether the company is to be manager-managed, and, if so, the name and address for each initial manager;</span></p><p dir="ltr" class="s2084314StatuteNumber1"><span xml:space="preserve" class="s2084314DefaultParagraphFont">(7)����Whether one or more of the members of the company are to be liable for its debts and obligations under ��</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-303" rel="noopener"><span class="s2084314DefaultParagraphFont">47-34A-303</span></a><span class="s2084314DefaultParagraphFont">(c);and</span></p><p dir="ltr" class="s2084314StatuteNumber1"><span xml:space="preserve" class="s2084314DefaultParagraphFont">(8)����Whether the limited liability company is authorized to establish one or more series and the matters required under ��</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-702" rel="noopener"><span class="s2084314DefaultParagraphFont">47-34A-702</span></a><span class="s2084314DefaultParagraphFont">.</span></p><p dir="ltr" class="s2084314Normal-000000"><span class="s2084314DefaultParagraphFont">(b) Articles of organization of a limited liability company may set forth:</span></p><p dir="ltr" class="s2084314StatuteNumber1"><span class="s2084314DefaultParagraphFont">(1)����Provisions permitted to be set forth in an operating agreement; or</span></p><p dir="ltr" class="s2084314StatuteNumber1"><span class="s2084314DefaultParagraphFont">(2)����Other matters not inconsistent with law.</span></p><p dir="ltr" class="s2084314Normal-000000"><a id="_pagenumber8" class="s2084314000001" rel="noopener"></a><span xml:space="preserve" class="s2084314DefaultParagraphFont">(c) Articles of organization of a limited liability company may not vary the nonwaivable provisions of ��</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-103" rel="noopener"><span class="s2084314DefaultParagraphFont">47-34A-103</span></a><span class="s2084314DefaultParagraphFont">(b). As to all other matters, if any provision of an operating agreement is inconsistent with the articles of organization:</span></p><p dir="ltr" class="s2084314StatuteNumber1"><span class="s2084314DefaultParagraphFont">(1)����The operating agreement controls as to managers, members, and members' transferees; and</span></p><p dir="ltr" class="s2084314StatuteNumber1"><span class="s2084314DefaultParagraphFont">(2)����The articles of organization control as to persons, other than managers, members and their transferees, who reasonably rely on the articles to their detriment.</span></p><p dir="ltr" class="s2084314Normal"><span xml:space="preserve" class="s2084314000002"> </span></p><p dir="ltr" class="s2084314Normal"><span xml:space="preserve" class="s2084314DefaultParagraphFont-000003">Source: </span><span class="s2084314SCL">SL 1998, ch 272, � 203; SL 2006, ch 228, � 8; SL 2008, ch 275, � 75; SL 2020, ch 200, � 8, eff. Nov. 15, 2020.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069631Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069631SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069631CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069631Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069631DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069631Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069631Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069631000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069631SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069631SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069631Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-204"><span class="s2069631SENU">47-34A-204</span></a><span xml:space="preserve" class="s2069631SENU">.�</span><span class="s2069631CL">Amendment or restatement of articles of organization.</span></p><p dir="ltr" class="s2069631Normal-000000"><span class="s2069631DefaultParagraphFont">(a) Articles of organization of a limited liability company may be amended at any time by delivering articles of amendment to the secretary of state for filing. The articles of amendment must set forth the:</span></p><p dir="ltr" class="s2069631Normal-000001"><span class="s2069631DefaultParagraphFont">(1)����Name of the limited liability company;</span></p><p dir="ltr" class="s2069631Normal-000001"><span class="s2069631DefaultParagraphFont">(2)����Date of filing of the articles of organization; and</span></p><p dir="ltr" class="s2069631Normal-000001"><span class="s2069631DefaultParagraphFont">(3)����Amendment to the articles.</span></p><p dir="ltr" class="s2069631Normal-000002"><span class="s2069631DefaultParagraphFont">(b) A limited liability company may restate its articles of organization at any time. Restated articles of organization must be signed and filed in the same manner as articles of amendment. Restated articles of organization must be designated as such in the heading and state in the heading or in an introductory paragraph the limited liability company's present name and, if it has been changed, all of its former names and the date of the filing of its initial articles of organization.</span></p><p dir="ltr" class="s2069631Normal"><span xml:space="preserve" class="s2069631000003"> </span></p><p dir="ltr" class="s2069631Normal"><span class="s2069631SCL">Source:</span><span xml:space="preserve" class="s2069631SCL-000004"> SL 1998, ch 272, ��204.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069632Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069632SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069632CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069632Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069632DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069632Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069632DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069632Normal-000003 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069632000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069632SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069632SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069632Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-205"><span class="s2069632SENU">47-34A-205</span></a><span xml:space="preserve" class="s2069632SENU">.�</span><span class="s2069632CL">Signing of records.</span></p><p dir="ltr" class="s2069632Normal-000000"><span class="s2069632DefaultParagraphFont">(a) Except as otherwise provided in this chapter a record to be filed by or on behalf of a limited liability company in the Office of the Secretary of State must be signed in the name of the company by a:</span></p><p dir="ltr" class="s2069632Normal-000001"><span class="s2069632DefaultParagraphFont">(1)����Manager of a manager</span><span class="s2069632DefaultParagraphFont-000002">-</span><span class="s2069632DefaultParagraphFont">managed company;</span></p><p dir="ltr" class="s2069632Normal-000001"><span class="s2069632DefaultParagraphFont">(2)����Member of a member</span><span class="s2069632DefaultParagraphFont-000002">-</span><span class="s2069632DefaultParagraphFont">managed company;</span></p><p dir="ltr" class="s2069632Normal-000001"><span class="s2069632DefaultParagraphFont">(3)����Person organizing the company, if the company has not been formed; or</span></p><p dir="ltr" class="s2069632Normal-000001"><span class="s2069632DefaultParagraphFont">(4)����Fiduciary, if the company is in the hands of a receiver, trustee, or other court</span><span class="s2069632DefaultParagraphFont-000002">-</span><span class="s2069632DefaultParagraphFont">appointed fiduciary.</span></p><p dir="ltr" class="s2069632Normal-000003"><span class="s2069632DefaultParagraphFont">(b) A record signed under subsection (a) must state adjacent to the signature the name and capacity of the signer.</span></p><p dir="ltr" class="s2069632Normal-000003"><span class="s2069632DefaultParagraphFont">(c) Any person may sign a record to be filed under subsection (a) by an attorney</span><span class="s2069632DefaultParagraphFont-000002">-</span><span class="s2069632DefaultParagraphFont">in</span><span class="s2069632DefaultParagraphFont-000002">-</span><span class="s2069632DefaultParagraphFont">fact. Powers of attorney relating to the signing of records to be filed under subsection (a) by an attorney</span><span class="s2069632DefaultParagraphFont-000002">-</span><span class="s2069632DefaultParagraphFont">in</span><span class="s2069632DefaultParagraphFont-000002">-</span><span class="s2069632DefaultParagraphFont">fact need not be filed in the Office of the Secretary of State as evidence of authority by the person filing but must be retained by the company.</span></p><p dir="ltr" class="s2069632Normal"><span xml:space="preserve" class="s2069632000004"> </span></p><p dir="ltr" class="s2069632Normal"><span class="s2069632SCL">Source:</span><span xml:space="preserve" class="s2069632SCL-000005"> SL 1998, ch 272, ��205.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069633Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069633SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069633CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069633Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069633DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069633Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069633Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069633000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069633SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069633SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069633Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-206"><span class="s2069633SENU">47-34A-206</span></a><span xml:space="preserve" class="s2069633SENU">.�</span><span class="s2069633CL">Filing in Office of Secretary of State.</span></p><p dir="ltr" class="s2069633Normal-000000"><span class="s2069633DefaultParagraphFont">(a) Articles of organization or any other record authorized to be filed under this chapter must be in a medium permitted by the secretary of state and must be delivered to the Office of the Secretary of State. Unless the secretary of state determines that a record fails to comply as to form with the filing requirements of this chapter, and if all filing fees have been paid, the secretary of state shall file the record and send a receipt for the record and the fees to the limited liability company or its representative.</span></p><p dir="ltr" class="s2069633Normal-000001"><span class="s2069633DefaultParagraphFont">(b) Upon request and payment of a fee, the secretary of state shall send to the requester a certified copy of the requested record.</span></p><p dir="ltr" class="s2069633Normal-000001"><span xml:space="preserve" class="s2069633DefaultParagraphFont">(c) Except as otherwise provided in subsection (d), ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-202.1"><span class="s2069633DefaultParagraphFont">47-34A-202.1</span></a><span xml:space="preserve" class="s2069633DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-202.2"><span class="s2069633DefaultParagraphFont">47-34A-202.2</span></a><span class="s2069633DefaultParagraphFont">, and ��47-34A-207(c), a record accepted for filing by the secretary of state is effective:</span></p><p dir="ltr" class="s2069633Normal-000002"><span class="s2069633DefaultParagraphFont">(1)����At the time of filing on the date it is filed, as evidenced by the secretary of state's date and time endorsement on the original record; or</span></p><p dir="ltr" class="s2069633Normal-000002"><span class="s2069633DefaultParagraphFont">(2)����At the time specified in the record as its effective time on the date it is filed.</span></p><p dir="ltr" class="s2069633Normal-000001"><span class="s2069633DefaultParagraphFont">(d) A record, including the articles of organization, may specify a delayed effective time and date, and if it does so the record becomes effective at the time and date specified subject to the other requirements of this chapter. If a delayed effective date but no time is specified, the record is effective at the close of business on that date. If a delayed effective date is later than the ninetieth day after the record is filed, the record is effective on the ninetieth day.</span></p><p dir="ltr" class="s2069633Normal"><span xml:space="preserve" class="s2069633000003"> </span></p><p dir="ltr" class="s2069633Normal"><span class="s2069633SCL">Source:</span><span xml:space="preserve" class="s2069633SCL-000004"> SL 1998, ch 272, ��206.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069634Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069634SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069634CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069634Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069634DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069634Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069634Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069634Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069634000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069634SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069634SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069634Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-207"><span class="s2069634SENU">47-34A-207</span></a><span xml:space="preserve" class="s2069634SENU">.�</span><span class="s2069634CL">Correcting filed record.</span></p><p dir="ltr" class="s2069634Normal-000000"><span class="s2069634DefaultParagraphFont">(a) A limited liability company or foreign limited liability company may correct a record filed by the secretary of state if the record contains a false or erroneous statement or was defectively signed.</span></p><p dir="ltr" class="s2069634Normal-000001"><span class="s2069634DefaultParagraphFont">(b) A record is corrected:</span></p><p dir="ltr" class="s2069634Normal-000002"><span class="s2069634DefaultParagraphFont">(1)����By preparing articles of correction that:</span></p><p dir="ltr" class="s2069634Normal-000003"><span class="s2069634DefaultParagraphFont">(i)����Describe the record, including its filing date, or attach a copy of it to the articles of correction;</span></p><p dir="ltr" class="s2069634Normal-000003"><span class="s2069634DefaultParagraphFont">(ii)����Specify the incorrect statement and the reason it is incorrect or the manner in which the signing was defective; and</span></p><p dir="ltr" class="s2069634Normal-000003"><span class="s2069634DefaultParagraphFont">(iii)����Correct the incorrect statement or defective signing; and</span></p><p dir="ltr" class="s2069634Normal-000002"><span class="s2069634DefaultParagraphFont">(2)����By delivering the corrected record to the secretary of state for filing.</span></p><p dir="ltr" class="s2069634Normal-000001"><span class="s2069634DefaultParagraphFont">(c) Articles of correction are effective retroactively on the effective date of the record they correct except as to persons relying on the uncorrected record and adversely affected by the correction. As to those persons, articles of correction are effective when filed.</span></p><p dir="ltr" class="s2069634Normal"><span xml:space="preserve" class="s2069634000004"> </span></p><p dir="ltr" class="s2069634Normal"><span class="s2069634SCL">Source:</span><span xml:space="preserve" class="s2069634SCL-000005"> SL 1998, ch 272, ��207.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069635Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069635SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069635CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069635Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069635DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069635Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069635Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069635DefaultParagraphFont-000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069635000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069635SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069635SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069635Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-208"><span class="s2069635SENU">47-34A-208</span></a><span xml:space="preserve" class="s2069635SENU">.�</span><span class="s2069635CL">Certificate of existence or authorization.</span></p><p dir="ltr" class="s2069635Normal-000000"><span class="s2069635DefaultParagraphFont">(a) Any person may request the secretary of state to furnish a certificate of existence for a limited liability company or a certificate of authorization for a foreign limited liability company.</span></p><p dir="ltr" class="s2069635Normal-000001"><span class="s2069635DefaultParagraphFont">(b) A certificate of existence for a limited liability company must set forth:</span></p><p dir="ltr" class="s2069635Normal-000002"><span class="s2069635DefaultParagraphFont">(1)����The company's name;</span></p><p dir="ltr" class="s2069635Normal-000002"><span class="s2069635DefaultParagraphFont">(2)����That it is duly organized under the laws of this state, the date of organization, whether its duration is at</span><span class="s2069635DefaultParagraphFont-000003">-</span><span class="s2069635DefaultParagraphFont">will or for a specified term, and, if the latter, the period specified;</span></p><p dir="ltr" class="s2069635Normal-000002"><span class="s2069635DefaultParagraphFont">(3)����If payment is reflected in the records of the secretary of state and if nonpayment affects the existence of the company, that all fees, taxes, and penalties owed to this state have been paid;</span></p><p dir="ltr" class="s2069635Normal-000002"><span xml:space="preserve" class="s2069635DefaultParagraphFont">(4)����Whether its most recent annual report required by ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-211"><span class="s2069635DefaultParagraphFont">47-34A-211</span></a><span xml:space="preserve" class="s2069635DefaultParagraphFont"> has been filed with the secretary of state;</span></p><p dir="ltr" class="s2069635Normal-000002"><span class="s2069635DefaultParagraphFont">(5)����That articles of termination have not been filed; and</span></p><p dir="ltr" class="s2069635Normal-000002"><span class="s2069635DefaultParagraphFont">(6)����Other facts of record in the Office of the Secretary of State which may be requested by the applicant.</span></p><p dir="ltr" class="s2069635Normal-000001"><span class="s2069635DefaultParagraphFont">(c) A certificate of authorization for a foreign limited liability company must set forth:</span></p><p dir="ltr" class="s2069635Normal-000002"><span class="s2069635DefaultParagraphFont">(1)����The company's name used in this state;</span></p><p dir="ltr" class="s2069635Normal-000002"><span class="s2069635DefaultParagraphFont">(2)����That it is authorized to transact business in this state;</span></p><p dir="ltr" class="s2069635Normal-000002"><span class="s2069635DefaultParagraphFont">(3)����If payment is reflected in the records of the secretary of state and if nonpayment affects the authorization of the company, that all fees, taxes, and penalties owed to this state have been paid;</span></p><p dir="ltr" class="s2069635Normal-000002"><span xml:space="preserve" class="s2069635DefaultParagraphFont">(4)����Whether its most recent annual report required by ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-211"><span class="s2069635DefaultParagraphFont">47-34A-211</span></a><span xml:space="preserve" class="s2069635DefaultParagraphFont"> has been filed with the secretary of state;</span></p><p dir="ltr" class="s2069635Normal-000002"><span class="s2069635DefaultParagraphFont">(5)����That a certificate of cancellation has not been filed; and</span></p><p dir="ltr" class="s2069635Normal-000002"><span class="s2069635DefaultParagraphFont">(6)����Other facts of record in the Office of the Secretary of State which may be requested by the applicant.</span></p><p dir="ltr" class="s2069635Normal-000001"><span class="s2069635DefaultParagraphFont">(d) Subject to any qualification stated in the certificate, a certificate of existence or authorization issued by the secretary of state may be relied upon as conclusive evidence that the domestic or foreign limited liability company is in existence or is authorized to transact business in this state.</span></p><p dir="ltr" class="s2069635Normal"><span xml:space="preserve" class="s2069635000004"> </span></p><p dir="ltr" class="s2069635Normal"><span class="s2069635SCL">Source:</span><span xml:space="preserve" class="s2069635SCL-000005"> SL 1998, ch 272, ��208.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT47-34A-209 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 47-34A-209 "> <META NAME="Description" Content="South Dakota Codified Laws 47-34A-209"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 47-34A-209. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Reserved<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069637Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069637SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069637CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069637Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069637DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069637000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069637SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069637SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069637Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-210"><span class="s2069637SENU">47-34A-210</span></a><span xml:space="preserve" class="s2069637SENU">.�</span><span class="s2069637CL">Failure or refusal to sign record.</span></p><p dir="ltr" class="s2069637Normal-000000"><span xml:space="preserve" class="s2069637DefaultParagraphFont">If a person required by ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-205"><span class="s2069637DefaultParagraphFont">47-34A-205</span></a><span xml:space="preserve" class="s2069637DefaultParagraphFont"> to sign any record fails or refuses to do so, any other person who is adversely affected by the failure or refusal may petition the state circuit court to direct the signing of the record. If the court finds that it is proper for the record to be signed and that a person so designated has failed or refused to sign the record, it shall order the secretary of state to sign and file an appropriate record.</span></p><p dir="ltr" class="s2069637Normal"><span xml:space="preserve" class="s2069637000001"> </span></p><p dir="ltr" class="s2069637Normal"><span class="s2069637SCL">Source:</span><span xml:space="preserve" class="s2069637SCL-000002"> SL 1998, ch 272, ��210.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069638Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069638SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069638CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069638Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069638DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069638000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069638SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069638SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069638Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-211"><span class="s2069638SENU">47-34A-211</span></a><span xml:space="preserve" class="s2069638SENU">.�</span><span class="s2069638CL">Annual report for secretary of state.</span></p><p dir="ltr" class="s2069638Normal-000000"><span xml:space="preserve" class="s2069638DefaultParagraphFont">A limited liability company, and a foreign limited liability company authorized to transact business in this state, except a bank organized pursuant to ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=51A-3-1.1"><span class="s2069638DefaultParagraphFont">51A-3-1.1</span></a><span xml:space="preserve" class="s2069638DefaultParagraphFont">, shall deliver to the secretary of state for filing an annual report pursuant to ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=59-11-24"><span class="s2069638DefaultParagraphFont">59-11-24</span></a><span xml:space="preserve" class="s2069638DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=59-11-26"><span class="s2069638DefaultParagraphFont">59-11-26</span></a><span class="s2069638DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2069638Normal"><span xml:space="preserve" class="s2069638000001"> </span></p><p dir="ltr" class="s2069638Normal"><span class="s2069638SCL">Source:</span><span xml:space="preserve" class="s2069638SCL-000002"> SL 1998, ch 272, ��211; SL 2004, ch 289, ��5; SL 2005, ch 241, ��2; SL 2008, ch 275, ��76.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s63ccdd5b32124db2b280d7a5fc099d41Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s63ccdd5b32124db2b280d7a5fc099d41SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s63ccdd5b32124db2b280d7a5fc099d41CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s63ccdd5b32124db2b280d7a5fc099d41Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s63ccdd5b32124db2b280d7a5fc099d41DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s63ccdd5b32124db2b280d7a5fc099d41StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s63ccdd5b32124db2b280d7a5fc099d41000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s63ccdd5b32124db2b280d7a5fc099d41NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s63ccdd5b32124db2b280d7a5fc099d41DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s63ccdd5b32124db2b280d7a5fc099d41SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A-212 - Fees."><meta property="og:description" content="SDLRC Codified Law 47-34A-212 - Fees."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/47-34A-212"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s63ccdd5b32124db2b280d7a5fc099d41Normal"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-212" rel="noopener"><span class="s63ccdd5b32124db2b280d7a5fc099d41SENU">47-34A-212</span></a><span xml:space="preserve" class="s63ccdd5b32124db2b280d7a5fc099d41SENU">. </span><span class="s63ccdd5b32124db2b280d7a5fc099d41CL">Fees.</span></p><p dir="ltr" class="s63ccdd5b32124db2b280d7a5fc099d41Statute"><span class="s63ccdd5b32124db2b280d7a5fc099d41DefaultParagraphFont">The secretary of state shall charge and collect for:</span></p><p dir="ltr" class="s63ccdd5b32124db2b280d7a5fc099d41StatuteNumber1"><span class="s63ccdd5b32124db2b280d7a5fc099d41DefaultParagraphFont">(a)����Filing the articles of organization in the case of a domestic limited liability company, a filing fee of one hundred fifty dollars. Filing the articles of organization in the case of a foreign limited liability company, a filing fee of seven hundred fifty dollars;</span></p><p dir="ltr" class="s63ccdd5b32124db2b280d7a5fc099d41StatuteNumber1"><span class="s63ccdd5b32124db2b280d7a5fc099d41DefaultParagraphFont">(b)����A reporting fee of fifty-five dollars, due and payable with the filing of each annual report. Each entity that does not file or refuses to file its annual report within the time prescribed is subject to a penalty of fifty-five dollars to be assessed by the secretary of state;</span></p><p dir="ltr" class="s63ccdd5b32124db2b280d7a5fc099d41StatuteNumber1"><span class="s63ccdd5b32124db2b280d7a5fc099d41DefaultParagraphFont">(c)����Filing the articles of organization in the case of a domestic limited liability company, where the articles of organization contain a notice that the limited liability company is authorized to establish one or more series, a filing fee of two hundred dollars. Filing an application for a certificate of authority in the case of a foreign limited liability company authorized to establish a series under the laws of another state or jurisdiction, or series of such limited liability company on its own behalf, a filing fee of eight hundred dollars.</span></p><p dir="ltr" class="s63ccdd5b32124db2b280d7a5fc099d41Normal"><span xml:space="preserve" class="s63ccdd5b32124db2b280d7a5fc099d41000000"> </span></p><p dir="ltr" class="s63ccdd5b32124db2b280d7a5fc099d41NoIndent"><span xml:space="preserve" class="s63ccdd5b32124db2b280d7a5fc099d41DefaultParagraphFont-000001">Source: </span><span class="s63ccdd5b32124db2b280d7a5fc099d41SCL">SL 1998, ch 272, ��212; SL 1999, ch 221, ��1; SL 2003, ch 8, ��23; SL 2004, ch 279, ��2; SL 2005, ch 241, ��3; SL 2009, ch 4, ��18; SL 2016, ch 2, ��2; SL 2020, ch 200, ��9, eff. Nov. 15, 2020; SL 2025, ch 189, ��4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069640Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069640SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069640CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069640Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069640DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069640Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069640Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069640DefaultParagraphFont-000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069640000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069640SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069640SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069640Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-301"><span class="s2069640SENU">47-34A-301</span></a><span xml:space="preserve" class="s2069640SENU">.�</span><span class="s2069640CL">Agency of members and managers.</span></p><p dir="ltr" class="s2069640Normal-000000"><span class="s2069640DefaultParagraphFont">(a) Subject to subsections (b) and (c):</span></p><p dir="ltr" class="s2069640Normal-000001"><span class="s2069640DefaultParagraphFont">(1)����Each member is an agent of the limited liability company for the purpose of its business, and an act of a member, including the signing of an instrument in the company's name, for apparently carrying on in the ordinary course the company's business or business of the kind carried on by the company binds the company, unless the member had no authority to act for the company in the particular matter and the person with whom the member was dealing knew or had notice that the member lacked authority.</span></p><p dir="ltr" class="s2069640Normal-000001"><span class="s2069640DefaultParagraphFont">(2)����An act of a member which is not apparently for carrying on in the ordinary course the company's business or business of the kind carried on by the company binds the company only if the act was authorized by the other members.</span></p><p dir="ltr" class="s2069640Normal-000002"><span class="s2069640DefaultParagraphFont">(b) Subject to subsection (c), in a manager</span><span class="s2069640DefaultParagraphFont-000003">-</span><span class="s2069640DefaultParagraphFont">managed company:</span></p><p dir="ltr" class="s2069640Normal-000001"><span class="s2069640DefaultParagraphFont">(1)����A member is not an agent of the company for the purpose of its business solely by reason of being a member. Each manager is an agent of the company for the purpose of its business, and an act of a manager, including the signing of an instrument in the company's name, for apparently carrying on in the ordinary course the company's business or business of the kind carried on by the company binds the company, unless the manager had no authority to act for the company in the particular matter and the person with whom the manager was dealing knew or had notice that the manager lacked authority.</span></p><p dir="ltr" class="s2069640Normal-000001"><span xml:space="preserve" class="s2069640DefaultParagraphFont">(2)����An act of a manager which is not apparently for carrying on in the ordinary course the company's business or business of the kind carried on by the company binds the company only if the act was authorized under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-404.1"><span class="s2069640DefaultParagraphFont">47-34A-404.1</span></a><span class="s2069640DefaultParagraphFont">.</span></p><p dir="ltr" class="s2069640Normal-000002"><span class="s2069640DefaultParagraphFont">(c) Unless the articles of organization limit their authority, any member of a member</span><span class="s2069640DefaultParagraphFont-000003">-</span><span class="s2069640DefaultParagraphFont">managed company or manager of a manager</span><span class="s2069640DefaultParagraphFont-000003">-</span><span class="s2069640DefaultParagraphFont">managed company may sign and deliver any instrument transferring or affecting the company's interest in real property. The instrument is conclusive in favor of a person who gives value without knowledge of the lack of the authority of the person signing and delivering the instrument.</span></p><p dir="ltr" class="s2069640Normal"><span xml:space="preserve" class="s2069640000004"> </span></p><p dir="ltr" class="s2069640Normal"><span class="s2069640SCL">Source:</span><span xml:space="preserve" class="s2069640SCL-000005"> SL 1998, ch 272, ��301.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069641Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069641SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069641CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069641Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069641DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069641000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069641SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069641SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069641Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-302"><span class="s2069641SENU">47-34A-302</span></a><span xml:space="preserve" class="s2069641SENU">.�</span><span class="s2069641CL">Limited liability company liable for member's or manager's actionable conduct.</span></p><p dir="ltr" class="s2069641Normal-000000"><span class="s2069641DefaultParagraphFont">A limited liability company is liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a member or manager acting in the ordinary course of business of the company or with authority of the company.</span></p><p dir="ltr" class="s2069641Normal"><span xml:space="preserve" class="s2069641000001"> </span></p><p dir="ltr" class="s2069641Normal"><span class="s2069641SCL">Source:</span><span xml:space="preserve" class="s2069641SCL-000002"> SL 1998, ch 272, ��302.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2080001Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2080001SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2080001CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2080001StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2080001DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2080001000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2080001DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2080001SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2080001Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-303"><span class="s2080001SENU">47-34A-303</span></a><span xml:space="preserve" class="s2080001SENU">. </span><span class="s2080001CL">Liability of members and managers.</span></p><p dir="ltr" class="s2080001StatuteNumber1"><span class="s2080001DefaultParagraphFont">(a) ����A debt, obligation, or other liability of a limited liability company is solely the debt, obligation, or other liability of the company. A member or manager is not personally liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or liability of the company solely by reason of being or acting as a member or manager. This subsection applies regardless of the dissolution of the company.</span></p><p dir="ltr" class="s2080001StatuteNumber1"><span class="s2080001DefaultParagraphFont">(b) ����The failure of a limited liability company to observe formalities relating to the exercise of its powers or management of its activities and affairs is not a ground for imposing liability on a member or manager for a debt, obligation, or other liability of the company.</span></p><p dir="ltr" class="s2080001Normal"><span xml:space="preserve" class="s2080001000000"> </span></p><p dir="ltr" class="s2080001Normal"><span xml:space="preserve" class="s2080001DefaultParagraphFont-000001">Source: </span><span class="s2080001SCL">SL 1998, ch 272, � 303; SL 2020, ch 199, � 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069643Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069643SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069643CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069643Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069643DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069643Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069643Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069643Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069643000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069643SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069643SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069643Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-401"><span class="s2069643SENU">47-34A-401</span></a><span xml:space="preserve" class="s2069643SENU">.�</span><span class="s2069643CL">Becoming a member.</span></p><p dir="ltr" class="s2069643Normal-000000"><span class="s2069643DefaultParagraphFont">(a) If a limited liability company is to have only one member upon formation, the person becomes a member as agreed by that person and the organizer of the company. That person and the organizer may be, but need not be, different persons. If different, the organizer acts on behalf of the initial member.</span></p><p dir="ltr" class="s2069643Normal-000001"><span class="s2069643DefaultParagraphFont">(b) If a limited liability company is to have more than one member upon formation, those persons become members as agreed by the persons before the formation of the company. The organizer acts on behalf of the persons in forming the company and may be, but need not be, one of the persons.</span></p><p dir="ltr" class="s2069643Normal-000001"><span class="s2069643DefaultParagraphFont">(c) After formation of a limited liability company, a person becomes a member:</span></p><p dir="ltr" class="s2069643Normal-000002"><span class="s2069643DefaultParagraphFont">(1)����As provided in the operating agreement;</span></p><p dir="ltr" class="s2069643Normal-000002"><span class="s2069643DefaultParagraphFont">(2)����As the result of a transaction effective under Article 9;</span></p><p dir="ltr" class="s2069643Normal-000002"><span class="s2069643DefaultParagraphFont">(3)����With the consent of all the members; or</span></p><p dir="ltr" class="s2069643Normal-000002"><span class="s2069643DefaultParagraphFont">(4)����If, within 90 consecutive days after the company ceases to have any members:</span></p><p dir="ltr" class="s2069643Normal-000003"><span class="s2069643DefaultParagraphFont">(A)����The last person to have been a member, or the legal representative of that person, designates a person to become a member; and</span></p><p dir="ltr" class="s2069643Normal-000003"><span class="s2069643DefaultParagraphFont">(B)����The designated person consents to become a member.</span></p><p dir="ltr" class="s2069643Normal-000001"><span class="s2069643DefaultParagraphFont">(d) A person may become a member without acquiring a distributional interest and without making or being obligated to make a contribution to the limited liability company.</span></p><p dir="ltr" class="s2069643Normal"><span xml:space="preserve" class="s2069643000004"> </span></p><p dir="ltr" class="s2069643Normal"><span class="s2069643SCL">Source:</span><span xml:space="preserve" class="s2069643SCL-000005"> SL 1998, ch 272, ��401; SL 2013, ch 233, ��6.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069644Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069644SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069644CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069644Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069644DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069644000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069644SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069644SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069644Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-401.1"><span class="s2069644SENU">47-34A-401.1</span></a><span xml:space="preserve" class="s2069644SENU">.�</span><span class="s2069644CL">Form of contribution.</span></p><p dir="ltr" class="s2069644Normal-000000"><span class="s2069644DefaultParagraphFont">A contribution of a member of a limited liability company may consist of tangible or intangible property or other benefit to a limited liability company, including money, promissory notes, services performed, other agreements to contribute money or property, or contracts for services to be performed.</span></p><p dir="ltr" class="s2069644Normal"><span xml:space="preserve" class="s2069644000001"> </span></p><p dir="ltr" class="s2069644Normal"><span class="s2069644SCL">Source:</span><span xml:space="preserve" class="s2069644SCL-000002"> SL 2013, ch 233, ��7.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069645Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069645SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069645CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069645Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069645DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069645Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069645000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069645SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069645SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069645Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-402"><span class="s2069645SENU">47-34A-402</span></a><span xml:space="preserve" class="s2069645SENU">.�</span><span class="s2069645CL">Liability for contributions.</span></p><p dir="ltr" class="s2069645Normal-000000"><span class="s2069645DefaultParagraphFont">(a) A person's obligation to make a contribution to a limited liability company is not excused by the person's death, disability, or other inability to perform personally. If a person does not make the required contribution, the person or person's estate is obligated to contribute money equal to the value of that part of the contribution which has not been made at the option of the company.</span></p><p dir="ltr" class="s2069645Normal-000001"><span xml:space="preserve" class="s2069645DefaultParagraphFont">(b) A creditor of a limited liability company which extends credit or otherwise acts in reliance on an obligation described in subsection (a), and without notice of any compromise under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-404.1"><span class="s2069645DefaultParagraphFont">47-34A-404.1</span></a><span class="s2069645DefaultParagraphFont">(c)(5), may enforce the obligation.</span></p><p dir="ltr" class="s2069645Normal"><span xml:space="preserve" class="s2069645000002"> </span></p><p dir="ltr" class="s2069645Normal"><span class="s2069645SCL">Source:</span><span xml:space="preserve" class="s2069645SCL-000003"> SL 1998, ch 272, ��402; SL 2013, ch 233, ��8.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069646Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069646SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069646CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069646Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069646DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069646Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069646000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069646SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069646SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069646Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-403"><span class="s2069646SENU">47-34A-403</span></a><span xml:space="preserve" class="s2069646SENU">.�</span><span class="s2069646CL">Member's and manager's rights to payments and reimbursement.</span></p><p dir="ltr" class="s2069646Normal-000000"><span class="s2069646DefaultParagraphFont">(a) A limited liability company shall reimburse a member or manager for payments made and indemnify a member or manager for liabilities incurred by the member or manager in the ordinary course of the business of the company or for the preservation of its business or property.</span></p><p dir="ltr" class="s2069646Normal-000001"><span class="s2069646DefaultParagraphFont">(b) A limited liability company shall reimburse a member for an advance to the company beyond the amount of contribution the member agreed to make.</span></p><p dir="ltr" class="s2069646Normal-000001"><span class="s2069646DefaultParagraphFont">(c) A payment or advance made by a member which gives rise to an obligation of a limited liability company under subsection (a) or (b) constitutes a loan to the company upon which interest accrues from the date of the payment or advance.</span></p><p dir="ltr" class="s2069646Normal-000001"><span class="s2069646DefaultParagraphFont">(d) A member is not entitled to remuneration for services performed for a limited liability company, except for reasonable compensation for services rendered in winding up the business of the company.</span></p><p dir="ltr" class="s2069646Normal-000001"><span class="s2069646DefaultParagraphFont">(e) A limited liability company may purchase and maintain insurance on behalf of a member or manager of the limited liability company against liability asserted against or incurred by the member or manager in that capacity or arising from that status even if the operating agreement could not eliminate or limit the person's liability to the company for the conduct giving rise to the liability.</span></p><p dir="ltr" class="s2069646Normal"><span xml:space="preserve" class="s2069646000002"> </span></p><p dir="ltr" class="s2069646Normal"><span class="s2069646SCL">Source:</span><span xml:space="preserve" class="s2069646SCL-000003"> SL 1998, ch 272, ��403; SL 2013, ch 233, ��9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069647Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069647SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069647CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069647Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069647DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069647DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069647Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069647Normal-000003 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069647Normal-000004 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069647000005 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069647SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069647SCL-000006 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069647Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-404.1"><span class="s2069647SENU">47-34A-404.1</span></a><span xml:space="preserve" class="s2069647SENU">.�</span><span class="s2069647CL">Management of limited liability company.</span></p><p dir="ltr" class="s2069647Normal-000000"><span class="s2069647DefaultParagraphFont">(a) In a member</span><span class="s2069647DefaultParagraphFont-000001">-</span><span class="s2069647DefaultParagraphFont">managed company:</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(1)����Each member has equal rights in the management and conduct of the company's business; and</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(2)����Except as otherwise provided in subsection (c), any matter relating to the business of the company may be decided by a majority of the members.</span></p><p dir="ltr" class="s2069647Normal-000003"><span class="s2069647DefaultParagraphFont">(b) In a manager</span><span class="s2069647DefaultParagraphFont-000001">-</span><span class="s2069647DefaultParagraphFont">managed company:</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(1)����Each manager has equal rights in the management and conduct of the company's business;</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(2)����Except as otherwise provided in subsection (c), any matter relating to the business of the company may be exclusively decided by the manager or, if there is more than one manager, by a majority of the managers; and</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(3)����A manager:</span></p><p dir="ltr" class="s2069647Normal-000004"><span class="s2069647DefaultParagraphFont">(i)����Must be designated, appointed, elected, removed, or replaced by a vote, approval, or consent of a majority of the members; and</span></p><p dir="ltr" class="s2069647Normal-000004"><span class="s2069647DefaultParagraphFont">(ii)����Holds office until a successor has been elected and qualified, unless the manager sooner resigns or is removed.</span></p><p dir="ltr" class="s2069647Normal-000003"><span class="s2069647DefaultParagraphFont">(c) The only matters of a member</span><span class="s2069647DefaultParagraphFont-000001">-</span><span class="s2069647DefaultParagraphFont">or manager</span><span class="s2069647DefaultParagraphFont-000001">-</span><span class="s2069647DefaultParagraphFont">managed company's business requiring the consent of all of the members are:</span></p><p dir="ltr" class="s2069647Normal-000002"><span xml:space="preserve" class="s2069647DefaultParagraphFont">(1)����The amendment of the operating agreement under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-103"><span class="s2069647DefaultParagraphFont">47-34A-103</span></a><span class="s2069647DefaultParagraphFont">;</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(2)����The authorization or ratification of acts or transactions under ��47-34A-103(b)(2)(ii) which would otherwise violate the duty of loyalty;</span></p><p dir="ltr" class="s2069647Normal-000002"><span xml:space="preserve" class="s2069647DefaultParagraphFont">(3)����An amendment to the articles of organization under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-204"><span class="s2069647DefaultParagraphFont">47-34A-204</span></a><span class="s2069647DefaultParagraphFont">;</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(4)����The compromise of an obligation to make a contribution under ��47-34A-402(b);</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(5)����The compromise, as among members, of an obligation of a member to make a contribution or return money or other property paid or distributed in violation of this chapter;</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(6)����The making of interim distributions under ��47-34A-405(a), including the redemption of an interest;</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(7)����The admission of a new member;</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(8)����The use of the company's property to redeem an interest subject to a charging order;</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(9)����The consent to dissolve the company under ��47-34A-801(a)(2);</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(10)����A waiver of the right to have the company's business wound up and the company terminated under ��47-34A-802(b);</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(11)����The consent of members to merge with another entity under ��47-34A-904(c)(1); and</span></p><p dir="ltr" class="s2069647Normal-000002"><span class="s2069647DefaultParagraphFont">(12)����The sale, lease, exchange, or other disposal of all, or substantially all, of the company's property with or without goodwill.</span></p><p dir="ltr" class="s2069647Normal-000003"><span class="s2069647DefaultParagraphFont">(d) Action requiring the consent of members or managers under this chapter may be taken without a meeting.</span></p><p dir="ltr" class="s2069647Normal-000003"><span class="s2069647DefaultParagraphFont">(e) A member or manager may appoint a proxy to vote or otherwise act for the member or manager by signing an appointment instrument, either personally or by the member's or manager's attorney</span><span class="s2069647DefaultParagraphFont-000001">-</span><span class="s2069647DefaultParagraphFont">in</span><span class="s2069647DefaultParagraphFont-000001">-</span><span class="s2069647DefaultParagraphFont">fact.</span></p><p dir="ltr" class="s2069647Normal"><span xml:space="preserve" class="s2069647000005"> </span></p><p dir="ltr" class="s2069647Normal"><span class="s2069647SCL">Source:</span><span xml:space="preserve" class="s2069647SCL-000006"> SL 1998, ch 272, ��404.1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069648Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069648SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069648CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069648Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069648DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069648000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069648SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069648SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069648Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-404.2"><span class="s2069648SENU">47-34A-404.2</span></a><span xml:space="preserve" class="s2069648SENU">.�</span><span class="s2069648CL">Classes and voting.</span></p><p dir="ltr" class="s2069648Normal-000000"><span class="s2069648DefaultParagraphFont">Nothing in this chapter prohibits the articles of organization from establishing classes or groups of one or more members having certain expressed relative rights, powers, or duties, including voting rights and the articles of organization may provide for the future creation, in the manner provided in the articles of organization, of additional classes or groups of members having certain relative rights, powers, or duties, including voting rights, expressed either in the regulations or at the time of creation. The rights, powers, or duties of a class or group may be senior to those of one or more existing classes or groups of members.</span></p><p dir="ltr" class="s2069648Normal"><span xml:space="preserve" class="s2069648000001"> </span></p><p dir="ltr" class="s2069648Normal"><span class="s2069648SCL">Source:</span><span xml:space="preserve" class="s2069648SCL-000002"> SL 1998, ch 272, ��404.2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069649Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069649SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069649CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069649Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069649DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069649Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069649000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069649SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069649SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069649Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-405"><span class="s2069649SENU">47-34A-405</span></a><span xml:space="preserve" class="s2069649SENU">.�</span><span class="s2069649CL">Sharing of and right to distributions.</span></p><p dir="ltr" class="s2069649Normal-000000"><span class="s2069649DefaultParagraphFont">(a) Any distributions made by a limited liability company before its dissolution and winding up must be in equal shares.</span></p><p dir="ltr" class="s2069649Normal-000001"><span class="s2069649DefaultParagraphFont">(b) A member has no right to receive, and may not be required to accept, a distribution in kind.</span></p><p dir="ltr" class="s2069649Normal-000001"><span class="s2069649DefaultParagraphFont">(c) If a member becomes entitled to receive a distribution, the member has the status of, and is entitled to all remedies available to, a creditor of the limited liability company with respect to the distribution.</span></p><p dir="ltr" class="s2069649Normal"><span xml:space="preserve" class="s2069649000002"> </span></p><p dir="ltr" class="s2069649Normal"><span class="s2069649SCL">Source:</span><span xml:space="preserve" class="s2069649SCL-000003"> SL 1998, ch 272, ��405.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069650Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069650SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069650CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069650Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069650DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069650Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069650Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069650Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069650000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069650SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069650SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069650Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-406"><span class="s2069650SENU">47-34A-406</span></a><span xml:space="preserve" class="s2069650SENU">.�</span><span class="s2069650CL">Limitations on distributions.</span></p><p dir="ltr" class="s2069650Normal-000000"><span class="s2069650DefaultParagraphFont">(a) A distribution may not be made if, after the distribution is made:</span></p><p dir="ltr" class="s2069650Normal-000001"><span class="s2069650DefaultParagraphFont">(1)����The limited liability company would not be able to pay its debts as they become due in the ordinary course of business; or</span></p><p dir="ltr" class="s2069650Normal-000001"><span class="s2069650DefaultParagraphFont">(2)����The company's total assets would be less than the sum of its total liabilities plus the amount that would be needed, if the company were to be dissolved, wound up, and terminated at the time of the distribution, to satisfy the preferential rights upon dissolution, winding up, and termination of members whose preferential rights are superior to those receiving the distribution.</span></p><p dir="ltr" class="s2069650Normal-000002"><span class="s2069650DefaultParagraphFont">(b) A limited liability company may base a determination that a distribution is not prohibited under subsection (a) on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances or on a fair valuation or other method that is reasonable in the circumstances.</span></p><p dir="ltr" class="s2069650Normal-000002"><span class="s2069650DefaultParagraphFont">(c) Except as otherwise provided in subsection (e), the effect of a distribution under subsection (a) is measured:</span></p><p dir="ltr" class="s2069650Normal-000001"><span class="s2069650DefaultParagraphFont">(1)����In the case of distribution by purchase, redemption, or other acquisition of a distributional interest in a limited liability company, as of the date money or other property is transferred or debt incurred by the company; and</span></p><p dir="ltr" class="s2069650Normal-000001"><span class="s2069650DefaultParagraphFont">(2)����In all other cases, as of the date the:</span></p><p dir="ltr" class="s2069650Normal-000003"><span class="s2069650DefaultParagraphFont">(i)����Distribution is authorized if the payment occurs within one hundred twenty days after the date of authorization; or</span></p><p dir="ltr" class="s2069650Normal-000003"><span class="s2069650DefaultParagraphFont">(ii)����Payment is made if it occurs more than one hundred twenty days after the date of authorization.</span></p><p dir="ltr" class="s2069650Normal-000002"><span class="s2069650DefaultParagraphFont">(d) A limited liability company's indebtedness to a member incurred by reason of a distribution made in accordance with this section is at parity with the company's indebtedness to its general, unsecured creditors.</span></p><p dir="ltr" class="s2069650Normal-000002"><span class="s2069650DefaultParagraphFont">(e) Indebtedness of a limited liability company, including indebtedness issued in connection with or as part of a distribution, is not considered a liability for purposes of determinations under subsection (a) if its terms provide that payment of principal and interest are made only if and to the extent that payment of a distribution to members could then be made under this section. If the indebtedness is issued as a distribution, each payment of principal or interest on the indebtedness is treated as a distribution, the effect of which is measured on the date the payment is made.</span></p><p dir="ltr" class="s2069650Normal-000002"><span class="s2069650DefaultParagraphFont">(f) In subsection (a), "distribution" does not include amounts (i) constituting reasonable compensation for present or past services or (ii) reasonable payments made in the ordinary course of business under a bona fide retirement plan or other benefits program.</span></p><p dir="ltr" class="s2069650Normal"><span xml:space="preserve" class="s2069650000004"> </span></p><p dir="ltr" class="s2069650Normal"><span class="s2069650SCL">Source:</span><span xml:space="preserve" class="s2069650SCL-000005"> SL 1998, ch 272, ��406; SL 2013, ch 233, ��10.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069651Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069651SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069651CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069651Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069651DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069651Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069651Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069651000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069651SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069651SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069651Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-407"><span class="s2069651SENU">47-34A-407</span></a><span xml:space="preserve" class="s2069651SENU">.�</span><span class="s2069651CL">Liability for improper distributions.</span></p><p dir="ltr" class="s2069651Normal-000000"><span xml:space="preserve" class="s2069651DefaultParagraphFont">(a) Any member of a member-managed company, or a manager of a manager-managed company who votes for or assents to a distribution made in violation of ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-406"><span class="s2069651DefaultParagraphFont">47-34A-406</span></a><span xml:space="preserve" class="s2069651DefaultParagraphFont">, the articles of organization, or the operating agreement is personally liable to the company for the amount of the distribution which exceeds the amount that could have been distributed without violating ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-406"><span class="s2069651DefaultParagraphFont">47-34A-406</span></a><span xml:space="preserve" class="s2069651DefaultParagraphFont">, the articles of organization, or the operating agreement if it is established that the member or manager did not perform the member's or manager's duties in compliance with ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-409"><span class="s2069651DefaultParagraphFont">47-34A-409</span></a><span class="s2069651DefaultParagraphFont">.</span></p><p dir="ltr" class="s2069651Normal-000001"><span class="s2069651DefaultParagraphFont">(b) To the extent the operating agreement of a member-managed limited liability company expressly relieves a member of the authority and responsibility to consent to distributions and imposes that authority and responsibility on one or more other members, the liability stated in subsection (a) applies to the other members and not the member that the operating agreement relieves of authority and responsibility.</span></p><p dir="ltr" class="s2069651Normal-000001"><span xml:space="preserve" class="s2069651DefaultParagraphFont">(c) A member of a manager-managed company who knew a distribution was made in violation of ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-406"><span class="s2069651DefaultParagraphFont">47-34A-406</span></a><span xml:space="preserve" class="s2069651DefaultParagraphFont">, the articles of organization, or the operating agreement is personally liable to the company, but only to the extent that the distribution received by the member exceeded the amount that could have been properly paid under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-406"><span class="s2069651DefaultParagraphFont">47-34A-406</span></a><span class="s2069651DefaultParagraphFont">.</span></p><p dir="ltr" class="s2069651Normal-000001"><span class="s2069651DefaultParagraphFont">(d) A member or manager against whom an action is brought under this section may implead in the action all:</span></p><p dir="ltr" class="s2069651Normal-000002"><span class="s2069651DefaultParagraphFont">(1)����Other members or managers who voted for or assented to the distribution in violation of subsection (a) and may compel contribution from them; and</span></p><p dir="ltr" class="s2069651Normal-000002"><span class="s2069651DefaultParagraphFont">(2)����Members who received a distribution in violation of subsection (b) and may compel contribution from the member in the amount received in violation of subsection (b).</span></p><p dir="ltr" class="s2069651Normal-000001"><span class="s2069651DefaultParagraphFont">(e) A proceeding under this section is barred unless it is commenced within two years after the distribution.</span></p><p dir="ltr" class="s2069651Normal"><span xml:space="preserve" class="s2069651000003"> </span></p><p dir="ltr" class="s2069651Normal"><span class="s2069651SCL">Source:</span><span xml:space="preserve" class="s2069651SCL-000004"> SL 1998, ch 272, ��407; SL 2013, ch 233, ��11.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069652Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069652SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069652CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069652Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069652DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069652Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069652Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069652000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069652SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069652SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069652Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-408"><span class="s2069652SENU">47-34A-408</span></a><span xml:space="preserve" class="s2069652SENU">.�</span><span class="s2069652CL">Members' and managers' right to information.</span></p><p dir="ltr" class="s2069652Normal-000000"><span class="s2069652DefaultParagraphFont">(a) A limited liability company shall provide managers and members and the respective agents and attorneys of members access for proper purposes to its records, if any, at the company's principal office or other reasonable locations specified in the operating agreement. The company shall provide former members and their respective agents and attorneys access for proper purposes to records pertaining to the period during which they were members. The right of access provides the opportunity to inspect and copy records during ordinary business hours. The company may impose a reasonable charge, limited to the costs of labor and material, for copies of records furnished.</span></p><p dir="ltr" class="s2069652Normal-000001"><span class="s2069652DefaultParagraphFont">(b) A limited liability company shall furnish to a manager:</span></p><p dir="ltr" class="s2069652Normal-000002"><span class="s2069652DefaultParagraphFont">(1)����Without demand, information concerning the company's business or affairs reasonably required for the proper exercise of the manager's performance of the manager's duties under the operating agreement or this chapter; and</span></p><p dir="ltr" class="s2069652Normal-000002"><span class="s2069652DefaultParagraphFont">(2)����On demand, other information concerning the company's business or affairs, except to the extent the demand or the information demanded is unreasonable or otherwise improper under the circumstances.</span></p><p dir="ltr" class="s2069652Normal-000001"><span class="s2069652DefaultParagraphFont">(c) A limited liability company shall furnish to a member, and to the legal representative of a deceased member or member under legal disability:</span></p><p dir="ltr" class="s2069652Normal-000002"><span class="s2069652DefaultParagraphFont">(1)����Without demand, information concerning the company's business or affairs reasonably required for the proper exercise of the member's rights and performance of the member's duties under the operating agreement or this chapter; and</span></p><p dir="ltr" class="s2069652Normal-000002"><span class="s2069652DefaultParagraphFont">(2)����On demand, other information concerning the company's business or affairs, except to the extent the demand or the information demanded is unreasonable or otherwise improper under the circumstances.</span></p><p dir="ltr" class="s2069652Normal-000001"><span class="s2069652DefaultParagraphFont">(d) A member has the right upon written demand given to the limited liability company to obtain at the company's expense a copy of any written operating agreement.</span></p><p dir="ltr" class="s2069652Normal"><span xml:space="preserve" class="s2069652000003"> </span></p><p dir="ltr" class="s2069652Normal"><span class="s2069652SCL">Source:</span><span xml:space="preserve" class="s2069652SCL-000004"> SL 1998, ch 272, ��408; SL 2010, ch 218, ��1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069653Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069653SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069653CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069653Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069653DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069653Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069653Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069653000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069653SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069653SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069653Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-409"><span class="s2069653SENU">47-34A-409</span></a><span xml:space="preserve" class="s2069653SENU">.�</span><span class="s2069653CL">General standards of member's and manager's conduct.</span></p><p dir="ltr" class="s2069653Normal-000000"><span class="s2069653DefaultParagraphFont">(a) The only fiduciary duties a member owes to a member-managed company and, subject to ��47-34A-1101(b), its other members are the duty of loyalty and the duty of care imposed by subsections (b) and (c).</span></p><p dir="ltr" class="s2069653Normal-000001"><span class="s2069653DefaultParagraphFont">(b) A member's duty of loyalty to a member-managed company and its other members is limited to the following:</span></p><p dir="ltr" class="s2069653Normal-000002"><span class="s2069653DefaultParagraphFont">(1)����To account to the company and to hold as trustee for it any property, profit, or benefit derived by the member in the conduct or winding up of the company's business or derived from a use by the member of the company's property, including the appropriation of a company's opportunity;</span></p><p dir="ltr" class="s2069653Normal-000002"><span class="s2069653DefaultParagraphFont">(2)����To refrain from dealing with the company in the conduct or winding up of the company's business as or on behalf of a party having an interest adverse to the company; and</span></p><p dir="ltr" class="s2069653Normal-000002"><span class="s2069653DefaultParagraphFont">(3)����To refrain from competing with the company in the conduct of the company's business before the dissolution of the company.</span></p><p dir="ltr" class="s2069653Normal-000001"><span class="s2069653DefaultParagraphFont">(c) A member's duty of care to a member-managed company and its other members in the conduct of and winding up of the company's business is limited to refraining from engaging in grossly negligent or reckless conduct, intentional misconduct, or a knowing violation of law.</span></p><p dir="ltr" class="s2069653Normal-000001"><span class="s2069653DefaultParagraphFont">(d) A member shall discharge the duties to a member-managed company and its other members under this chapter or under the operating agreement and exercise any rights consistently with the obligation of good faith and fair dealing.</span></p><p dir="ltr" class="s2069653Normal-000001"><span class="s2069653DefaultParagraphFont">(e) A member of a member-managed company does not violate a duty or obligation under this chapter or under the operating agreement merely because the member's conduct furthers the member's own interest.</span></p><p dir="ltr" class="s2069653Normal-000001"><span class="s2069653DefaultParagraphFont">(f) A member of a member-managed company may lend money to and transact other business with the company. As to each loan or transaction, the rights and obligations of the member are the same as those of a person who is not a member, subject to other applicable law.</span></p><p dir="ltr" class="s2069653Normal-000001"><span class="s2069653DefaultParagraphFont">(g) This section applies to a person winding up the limited liability company's business as the personal or legal representative of the last surviving member as if the person were a member.</span></p><p dir="ltr" class="s2069653Normal-000001"><span class="s2069653DefaultParagraphFont">(h) In a manager-managed company:</span></p><p dir="ltr" class="s2069653Normal-000002"><span class="s2069653DefaultParagraphFont">(1)����A member who is not also a manager owes no duties to the company or to the other members solely by reason of being a member;</span></p><p dir="ltr" class="s2069653Normal-000002"><span class="s2069653DefaultParagraphFont">(2)����A manager is held to the same standards of conduct prescribed for members in subsections (b) through (f);</span></p><p dir="ltr" class="s2069653Normal-000002"><span class="s2069653DefaultParagraphFont">(3)����A member who pursuant to the operating agreement exercises some or all of the rights of a manager in the management and conduct of the company's business is held to the standards of conduct in subsections (b) through (f) to the extent that the member exercises the managerial authority vested in a manager by this chapter; and</span></p><p dir="ltr" class="s2069653Normal-000002"><span class="s2069653DefaultParagraphFont">(4)����A manager is relieved of liability imposed by law for violation of the standards prescribed by subsections (b) through (f) to the extent of the managerial authority delegated to the members by the operating agreement.</span></p><p dir="ltr" class="s2069653Normal"><span xml:space="preserve" class="s2069653000003"> </span></p><p dir="ltr" class="s2069653Normal"><span class="s2069653SCL">Source:</span><span xml:space="preserve" class="s2069653SCL-000004"> SL 1998, ch 272, ��409; SL 2013, ch 233, ��12.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069654Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069654SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069654CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069654Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069654DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069654Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069654Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069654000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069654SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069654SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069654Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-410"><span class="s2069654SENU">47-34A-410</span></a><span xml:space="preserve" class="s2069654SENU">.�</span><span class="s2069654CL">Actions by members.</span></p><p dir="ltr" class="s2069654Normal-000000"><span class="s2069654DefaultParagraphFont">(a) A member may maintain an action against a limited liability company or another member for legal or equitable relief, with or without an accounting as to the company's business, to enforce:</span></p><p dir="ltr" class="s2069654Normal-000001"><span class="s2069654DefaultParagraphFont">(1)����The member's rights under the operating agreement;</span></p><p dir="ltr" class="s2069654Normal-000001"><span class="s2069654DefaultParagraphFont">(2)����The member's rights under this chapter; and</span></p><p dir="ltr" class="s2069654Normal-000001"><span class="s2069654DefaultParagraphFont">(3)����The rights and otherwise protect the interests of the member, including rights and interests arising independently of the member's relationship to the company.</span></p><p dir="ltr" class="s2069654Normal-000002"><span class="s2069654DefaultParagraphFont">(b) The accrual, and any time limited for the assertion, of a right of action for a remedy under this section is governed by other law. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.</span></p><p dir="ltr" class="s2069654Normal"><span xml:space="preserve" class="s2069654000003"> </span></p><p dir="ltr" class="s2069654Normal"><span class="s2069654SCL">Source:</span><span xml:space="preserve" class="s2069654SCL-000004"> SL 1998, ch 272, ��410.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069655Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069655SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069655CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069655Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069655DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069655000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069655SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069655SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069655Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-411"><span class="s2069655SENU">47-34A-411</span></a><span xml:space="preserve" class="s2069655SENU">.�</span><span class="s2069655CL">Good faith reliance upon information.</span></p><p dir="ltr" class="s2069655Normal-000000"><span class="s2069655DefaultParagraphFont">A member or manager of a limited liability company shall be fully protected in relying in good faith upon the records of the limited liability company and upon such information, opinions, reports, or statements presented to the limited liability company by any of its other managers, members, officers, employees, or committees of the limited liability company, or any other person, as to matters the member or manager reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the limited liability company, including information, opinions, reports, or statements as to the value and amount of the assets, liabilities, profits, or losses of the limited liability company or any other facts pertinent to the existence and amount of assets from which distributions to members might properly be paid.</span></p><p dir="ltr" class="s2069655Normal"><span xml:space="preserve" class="s2069655000001"> </span></p><p dir="ltr" class="s2069655Normal"><span class="s2069655SCL">Source:</span><span xml:space="preserve" class="s2069655SCL-000002"> SL 2010, ch 218, ��14.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069656Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069656SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069656CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069656Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069656DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069656DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069656Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069656000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069656SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069656SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069656Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-501"><span class="s2069656SENU">47-34A-501</span></a><span xml:space="preserve" class="s2069656SENU">.�</span><span class="s2069656CL">Member's distributional interest.</span></p><p dir="ltr" class="s2069656Normal-000000"><span class="s2069656DefaultParagraphFont">(a) A member is not a co</span><span class="s2069656DefaultParagraphFont-000001">-</span><span class="s2069656DefaultParagraphFont">owner of, and has no transferable interest in, property of a limited liability company.</span></p><p dir="ltr" class="s2069656Normal-000002"><span xml:space="preserve" class="s2069656DefaultParagraphFont">(b) A distributional interest in a limited liability company is personal property and, subject to ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-502"><span class="s2069656DefaultParagraphFont">47-34A-502</span></a><span xml:space="preserve" class="s2069656DefaultParagraphFont"> and ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-503"><span class="s2069656DefaultParagraphFont">47-34A-503</span></a><span class="s2069656DefaultParagraphFont">, may be transferred in whole or in part.</span></p><p dir="ltr" class="s2069656Normal-000002"><span xml:space="preserve" class="s2069656DefaultParagraphFont">(c) An operating agreement may provide that a distributional interest may be evidenced by a certificate of the interest issued by the limited liability company and, subject to ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-503"><span class="s2069656DefaultParagraphFont">47-34A-503</span></a><span class="s2069656DefaultParagraphFont">, may also provide for the transfer of any interest represented by the certificate.</span></p><p dir="ltr" class="s2069656Normal"><span xml:space="preserve" class="s2069656000003"> </span></p><p dir="ltr" class="s2069656Normal"><span class="s2069656SCL">Source:</span><span xml:space="preserve" class="s2069656SCL-000004"> SL 1998, ch 272, ��501.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069657Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069657SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069657CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069657Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069657DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069657000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069657SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069657SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069657Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-502"><span class="s2069657SENU">47-34A-502</span></a><span xml:space="preserve" class="s2069657SENU">.�</span><span class="s2069657CL">Transfer of distributional interest.</span></p><p dir="ltr" class="s2069657Normal-000000"><span class="s2069657DefaultParagraphFont">A transfer of a distributional interest does not entitle the transferee to become or to exercise any rights of a member. A transfer entitles the transferee to receive, to the extent transferred, only the distributions to which the transferor would be entitled.</span></p><p dir="ltr" class="s2069657Normal"><span xml:space="preserve" class="s2069657000001"> </span></p><p dir="ltr" class="s2069657Normal"><span class="s2069657SCL">Source:</span><span xml:space="preserve" class="s2069657SCL-000002"> SL 1998, ch 272, ��502.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069658Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069658SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069658CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069658Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069658DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069658Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069658Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069658Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069658000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069658SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069658SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069658Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-503"><span class="s2069658SENU">47-34A-503</span></a><span xml:space="preserve" class="s2069658SENU">.�</span><span class="s2069658CL">Rights of a transferee.</span></p><p dir="ltr" class="s2069658Normal-000000"><span class="s2069658DefaultParagraphFont">(a) A transferee of a distributional interest may become a member of a limited liability company if and to the extent that the transferor gives the transferee the right in accordance with authority described in the operating agreement or all other members consent.</span></p><p dir="ltr" class="s2069658Normal-000001"><span xml:space="preserve" class="s2069658DefaultParagraphFont">(b) A transferee who has become a member, to the extent transferred, has the rights and powers, and is subject to the restrictions and liabilities, of a member under the operating agreement of a limited liability company and this chapter. A transferee who becomes a member also is liable for the transferor member's obligations to make contributions under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-402"><span class="s2069658DefaultParagraphFont">47-34A-402</span></a><span xml:space="preserve" class="s2069658DefaultParagraphFont"> and for obligations under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-407"><span class="s2069658DefaultParagraphFont">47-34A-407</span></a><span xml:space="preserve" class="s2069658DefaultParagraphFont"> to return unlawful distributions, but the transferee is not obligated for the transferor member's liabilities unknown to the transferee at the time the transferee becomes a member.</span></p><p dir="ltr" class="s2069658Normal-000001"><span class="s2069658DefaultParagraphFont">(c) Whether or not a transferee of a distributional interest becomes a member under subsection (a), the transferor is not released from liability to the limited liability company under the operating agreement or this chapter.</span></p><p dir="ltr" class="s2069658Normal-000001"><span class="s2069658DefaultParagraphFont">(d) A transferee who does not become a member is not entitled to participate in the management or conduct of the limited liability company's business, require access to information concerning the company's transactions, or inspect or copy any of the company's records.</span></p><p dir="ltr" class="s2069658Normal-000001"><span class="s2069658DefaultParagraphFont">(e) A transferee who does not become a member is entitled to:</span></p><p dir="ltr" class="s2069658Normal-000002"><span class="s2069658DefaultParagraphFont">(1)����Receive, in accordance with the transfer, distributions to which the transferor would otherwise be entitled;</span></p><p dir="ltr" class="s2069658Normal-000002"><span class="s2069658DefaultParagraphFont">(2)����Receive, upon dissolution and winding up of the limited liability company's business:</span></p><p dir="ltr" class="s2069658Normal-000003"><span class="s2069658DefaultParagraphFont">(i)����In accordance with the transfer, the net amount otherwise distributable to the transferor;</span></p><p dir="ltr" class="s2069658Normal-000003"><span class="s2069658DefaultParagraphFont">(ii)����A statement of account only from the date of the latest statement of account agreed to by all the members.</span></p><p dir="ltr" class="s2069658Normal-000001"><span class="s2069658DefaultParagraphFont">(f) A limited liability company need not give effect to a transfer until it has notice of the transfer.</span></p><p dir="ltr" class="s2069658Normal"><span xml:space="preserve" class="s2069658000004"> </span></p><p dir="ltr" class="s2069658Normal"><span class="s2069658SCL">Source:</span><span xml:space="preserve" class="s2069658SCL-000005"> SL 1998, ch 272, ��503; SL 2009, ch 234, ��1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069659Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069659SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069659CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069659Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069659DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069659Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069659Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069659000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069659SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069659SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069659Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-504"><span class="s2069659SENU">47-34A-504</span></a><span xml:space="preserve" class="s2069659SENU">.�</span><span class="s2069659CL">Rights of creditor.</span></p><p dir="ltr" class="s2069659Normal-000000"><span class="s2069659DefaultParagraphFont">(a) On application by a judgment creditor of a member of a limited liability company or of a member's transferee, and following notice to the limited liability company of such application, a court having jurisdiction may charge the distributional interest of the judgment debtor to satisfy the judgment.</span></p><p dir="ltr" class="s2069659Normal-000001"><span class="s2069659DefaultParagraphFont">(b) A charging order constitutes a lien on the judgment debtor's distributional interest.</span></p><p dir="ltr" class="s2069659Normal-000001"><span class="s2069659DefaultParagraphFont">(c) A distributional interest in a limited liability company which is charged may be redeemed:</span></p><p dir="ltr" class="s2069659Normal-000002"><span class="s2069659DefaultParagraphFont">(1)����By the judgment debtor;</span></p><p dir="ltr" class="s2069659Normal-000002"><span class="s2069659DefaultParagraphFont">(2)����With property other than the company's property, by one or more of the other members; or</span></p><p dir="ltr" class="s2069659Normal-000002"><span class="s2069659DefaultParagraphFont">(3)����With the company's property, but only if permitted by the operating agreement.</span></p><p dir="ltr" class="s2069659Normal-000001"><span class="s2069659DefaultParagraphFont">(d) This chapter does not affect a member's right under exemption laws with respect to the member's distributional interest in a limited liability company.</span></p><p dir="ltr" class="s2069659Normal-000001"><span class="s2069659DefaultParagraphFont">(e) This section provides the exclusive remedy that a judgment creditor of a member's distributional interest or a member's assignee may use to satisfy a judgment out of the judgment debtor's interest in a limited liability company. No other remedy, including foreclosure on the member's distributional interest or a court order for directions, accounts, and inquiries that the debtor, member might have made, is available to the judgment creditor attempting to satisfy the judgment out of the judgment debtor's interest in the limited liability company.</span></p><p dir="ltr" class="s2069659Normal-000001"><span class="s2069659DefaultParagraphFont">(f) No creditor of a member or a member's assignee has any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the company.</span></p><p dir="ltr" class="s2069659Normal-000001"><span class="s2069659DefaultParagraphFont">(g) This section applies to single member limited liability companies in addition to limited liability companies with more than one member.</span></p><p dir="ltr" class="s2069659Normal"><span xml:space="preserve" class="s2069659000003"> </span></p><p dir="ltr" class="s2069659Normal"><span class="s2069659SCL">Source:</span><span xml:space="preserve" class="s2069659SCL-000004"> SL 1998, ch 272, ��504; SL 2007, ch 262, ��1; SL 2009, ch 234, ��2; SL 2012, ch 226, ��1; SL 2013, ch 233, ��13.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069660Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069660SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069660CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069660Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069660DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069660Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069660Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069660000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069660SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069660SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069660Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-601"><span class="s2069660SENU">47-34A-601</span></a><span xml:space="preserve" class="s2069660SENU">.�</span><span class="s2069660CL">Events causing a member's dissociation.</span></p><p dir="ltr" class="s2069660Normal-000000"><span class="s2069660DefaultParagraphFont">A member is dissociated from a limited liability company upon the occurrence of any of the following events:</span></p><p dir="ltr" class="s2069660Normal-000001"><span class="s2069660DefaultParagraphFont">(1)����The company's having notice of the member's express will to withdraw upon the date of notice or on a later date specified by the member;</span></p><p dir="ltr" class="s2069660Normal-000001"><span class="s2069660DefaultParagraphFont">(2)����An event agreed to in the operating agreement as causing the member's dissociation;</span></p><p dir="ltr" class="s2069660Normal-000001"><span class="s2069660DefaultParagraphFont">(3)����Upon transfer of all of a member's distributional interest, other than a transfer for security purposes or a court order charging the member's distributional interest which has not been foreclosed;</span></p><p dir="ltr" class="s2069660Normal-000001"><span class="s2069660DefaultParagraphFont">(4)����The member's expulsion pursuant to the operating agreement;</span></p><p dir="ltr" class="s2069660Normal-000001"><span class="s2069660DefaultParagraphFont">(5)����The member's expulsion by unanimous vote of the other members if:</span></p><p dir="ltr" class="s2069660Normal-000002"><span class="s2069660DefaultParagraphFont">(i)����It is unlawful to carry on the company's business with the member;</span></p><p dir="ltr" class="s2069660Normal-000002"><span class="s2069660DefaultParagraphFont">(ii)����There has been a transfer of substantially all of the member's distributional interest, other than a transfer for security purposes or a court order charging the member's distributional interest which has not been foreclosed;</span></p><p dir="ltr" class="s2069660Normal-000002"><span class="s2069660DefaultParagraphFont">(iii)����Within ninety days after the company notifies a corporate member that it will be expelled because it has filed a certificate of dissolution or the equivalent, its charter has been revoked, or its right to conduct business has been suspended by the jurisdiction of its incorporation, the member fails to obtain a revocation of the certificate of dissolution or a reinstatement of its charter or its right to conduct business; or</span></p><p dir="ltr" class="s2069660Normal-000002"><span class="s2069660DefaultParagraphFont">(iv)����A corporation, partnership, limited liability company, or other entity that is a member has been dissolved and its business is being wound up;</span></p><p dir="ltr" class="s2069660Normal-000001"><span class="s2069660DefaultParagraphFont">(6)����On application by the company or another member, the member's expulsion by judicial determination because the member:</span></p><p dir="ltr" class="s2069660Normal-000002"><span class="s2069660DefaultParagraphFont">(i)����Engaged in wrongful conduct that adversely and materially affected the company's business;</span></p><p dir="ltr" class="s2069660Normal-000002"><span xml:space="preserve" class="s2069660DefaultParagraphFont">(ii)����Willfully or persistently committed a material breach of the operating agreement or of a duty owed to the company or the other members under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-409"><span class="s2069660DefaultParagraphFont">47-34A-409</span></a><span class="s2069660DefaultParagraphFont">; or</span></p><p dir="ltr" class="s2069660Normal-000002"><span class="s2069660DefaultParagraphFont">(iii)����Engaged in conduct relating to the company's business which makes it not reasonably practicable to carry on the business with the member;</span></p><p dir="ltr" class="s2069660Normal-000001"><span class="s2069660DefaultParagraphFont">(7)����The member's:</span></p><p dir="ltr" class="s2069660Normal-000002"><span class="s2069660DefaultParagraphFont">(i)����Becoming a debtor in bankruptcy;</span></p><p dir="ltr" class="s2069660Normal-000002"><span class="s2069660DefaultParagraphFont">(ii)����Executing an assignment for the benefit of creditors;</span></p><p dir="ltr" class="s2069660Normal-000002"><span class="s2069660DefaultParagraphFont">(iii)����Seeking, consenting to, or acquiescing in the appointment of a trustee, receiver, or liquidator of the member or of all or substantially all of the member's property; or</span></p><p dir="ltr" class="s2069660Normal-000002"><span class="s2069660DefaultParagraphFont">(iv)����Failing, within ninety days after the appointment, to have vacated or stayed the appointment of a trustee, receiver, or liquidator of the member or of all or substantially all of the member's property obtained without the member's consent or acquiescence, or failing within ninety days after the expiration of a stay to have the appointment vacated;</span></p><p dir="ltr" class="s2069660Normal-000001"><span class="s2069660DefaultParagraphFont">(8)����In the case of a member who is an individual:</span></p><p dir="ltr" class="s2069660Normal-000002"><span class="s2069660DefaultParagraphFont">(i)����The member's death;</span></p><p dir="ltr" class="s2069660Normal-000002"><span class="s2069660DefaultParagraphFont">(ii)����The appointment of a guardian or general conservator for the member; or</span></p><p dir="ltr" class="s2069660Normal-000002"><span class="s2069660DefaultParagraphFont">(iii)����A judicial determination that the member has otherwise become incapable of performing the member's duties under the operating agreement;</span></p><p dir="ltr" class="s2069660Normal-000001"><span class="s2069660DefaultParagraphFont">(9)����In the case of a member that is a trust or is acting as a member by virtue of being a trustee of a trust, distribution of the trust's entire rights to receive distributions from the company, but not merely by reason of the substitution of a successor trustee;</span></p><p dir="ltr" class="s2069660Normal-000001"><span xml:space="preserve" class="s2069660000003"> </span></p></div><div><p dir="ltr" class="s2069660Normal-000001"><span class="s2069660DefaultParagraphFont">(10)����In the case of a member that is an estate or is acting as a member by virtue of being a personal representative of an estate, distribution of the estate's entire rights to receive distributions from the company, but not merely the substitution of a successor personal representative; or</span></p><p dir="ltr" class="s2069660Normal-000001"><span class="s2069660DefaultParagraphFont">(11)����Termination of the existence of a member if the member is not an individual, estate, or trust other than a business trust.</span></p><p dir="ltr" class="s2069660Normal"><span xml:space="preserve" class="s2069660000003"> </span></p><p dir="ltr" class="s2069660Normal"><span class="s2069660SCL">Source:</span><span xml:space="preserve" class="s2069660SCL-000004"> SL 1998, ch 272, ��601; SL 2013, ch 233, ��14.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069661Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069661SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069661CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069661Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069661DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069661Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069661Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069661Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069661000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069661SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069661SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069661Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-602"><span class="s2069661SENU">47-34A-602</span></a><span xml:space="preserve" class="s2069661SENU">.�</span><span class="s2069661CL">Member's power to dissociate; wrongful dissociation.</span></p><p dir="ltr" class="s2069661Normal-000000"><span class="s2069661DefaultParagraphFont">(a) Unless otherwise provided in the operating agreement, a member has the power to dissociate from a limited liability company at any time, rightfully or wrongfully, by express will pursuant to ��47-34A-601(1).</span></p><p dir="ltr" class="s2069661Normal-000001"><span class="s2069661DefaultParagraphFont">(b) If the operating agreement has not eliminated a member's power to dissociate, the member's dissociation from a limited liability company is wrongful only if:</span></p><p dir="ltr" class="s2069661Normal-000002"><span class="s2069661DefaultParagraphFont">(1)����It is in breach of an express provision of the agreement; or</span></p><p dir="ltr" class="s2069661Normal-000002"><span class="s2069661DefaultParagraphFont">(2)����Before the expiration of the term specified in the articles of organization if any:</span></p><p dir="ltr" class="s2069661Normal-000003"><span class="s2069661DefaultParagraphFont">(i)����The member withdraws by express will;</span></p><p dir="ltr" class="s2069661Normal-000003"><span class="s2069661DefaultParagraphFont">(ii)����The member is expelled by judicial determination under ��47-34A-601(6);</span></p><p dir="ltr" class="s2069661Normal-000003"><span class="s2069661DefaultParagraphFont">(iii)����The member is dissociated by becoming a debtor in bankruptcy; or</span></p><p dir="ltr" class="s2069661Normal-000003"><span class="s2069661DefaultParagraphFont">(iv)����In the case of a member who is not an individual, trust other than a business trust, or estate, the member is expelled or otherwise dissociated because it willfully dissolved or terminated its existence.</span></p><p dir="ltr" class="s2069661Normal-000001"><span class="s2069661DefaultParagraphFont">(c) A member who wrongfully dissociates from a limited liability company is liable to the company and to the other members for damages caused by the dissociation. The liability is in addition to any other obligation of the member to the company or to the other members.</span></p><p dir="ltr" class="s2069661Normal"><span xml:space="preserve" class="s2069661000004"> </span></p><p dir="ltr" class="s2069661Normal"><span class="s2069661SCL">Source:</span><span xml:space="preserve" class="s2069661SCL-000005"> SL 1998, ch 272, ��602.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069662Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069662SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069662CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069662Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069662DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069662Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069662Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069662000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069662SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069662SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069662Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-603"><span class="s2069662SENU">47-34A-603</span></a><span xml:space="preserve" class="s2069662SENU">.�</span><span class="s2069662CL">Effect of a member's dissociation.</span></p><p dir="ltr" class="s2069662Normal-000000"><span class="s2069662DefaultParagraphFont">(a) A limited liability company does not dissolve and wind up its business as result of a member's dissociation.</span></p><p dir="ltr" class="s2069662Normal-000001"><span class="s2069662DefaultParagraphFont">(b) Upon a member's dissociation from a limited liability company:</span></p><p dir="ltr" class="s2069662Normal-000002"><span xml:space="preserve" class="s2069662DefaultParagraphFont">(1)����The member's right to participate in the management and conduct of the company's business terminates, except as otherwise provided in ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-803"><span class="s2069662DefaultParagraphFont">47-34A-803</span></a><span class="s2069662DefaultParagraphFont">, and the member ceases to be a member and is treated the same as a transferee of a member;</span></p><p dir="ltr" class="s2069662Normal-000002"><span class="s2069662DefaultParagraphFont">(2)����The member's duty of loyalty under ��47-34A-409(b)(3) terminates; and</span></p><p dir="ltr" class="s2069662Normal-000002"><span class="s2069662DefaultParagraphFont">(3)����The member's duty of loyalty under ��47-34A-409(b)(1) and (2) and duty of care under ��47-34A-409(c) continue only with regard to matters arising and events occurring before the member's dissociation.</span></p><p dir="ltr" class="s2069662Normal"><span xml:space="preserve" class="s2069662000003"> </span></p><p dir="ltr" class="s2069662Normal"><span class="s2069662SCL">Source:</span><span xml:space="preserve" class="s2069662SCL-000004"> SL 1998, ch 272, ��603.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069663Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069663SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069663CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069663Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069663DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069663Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069663000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069663SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069663SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069663Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-604"><span class="s2069663SENU">47-34A-604</span></a><span xml:space="preserve" class="s2069663SENU">.�</span><span class="s2069663CL">Dissociated member's power to bind limited liability company.</span></p><p dir="ltr" class="s2069663Normal-000000"><span xml:space="preserve" class="s2069663DefaultParagraphFont">For two years after a member dissociates without the dissociation resulting in a dissolution and winding up of a limited liability company's business, the company, including a surviving company under Article 9, is bound by an act of the dissociated member which would have bound the company under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-301"><span class="s2069663DefaultParagraphFont">47-34A-301</span></a><span xml:space="preserve" class="s2069663DefaultParagraphFont"> before dissociation only if at the time of entering into the transaction the other party:</span></p><p dir="ltr" class="s2069663Normal-000001"><span class="s2069663DefaultParagraphFont">(1)����Reasonably believed that the dissociated member was then a member;</span></p><p dir="ltr" class="s2069663Normal-000001"><span class="s2069663DefaultParagraphFont">(2)����Did not have notice of the member's dissociation; and</span></p><p dir="ltr" class="s2069663Normal-000001"><span xml:space="preserve" class="s2069663DefaultParagraphFont">(3)����Is not deemed to have had notice under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-605"><span class="s2069663DefaultParagraphFont">47-34A-605</span></a><span class="s2069663DefaultParagraphFont">.</span></p><p dir="ltr" class="s2069663Normal"><span xml:space="preserve" class="s2069663000002"> </span></p><p dir="ltr" class="s2069663Normal"><span class="s2069663SCL">Source:</span><span xml:space="preserve" class="s2069663SCL-000003"> SL 1998, ch 272, ��604.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069664Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069664SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069664CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069664Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069664DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069664Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069664000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069664SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069664SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069664Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-605"><span class="s2069664SENU">47-34A-605</span></a><span xml:space="preserve" class="s2069664SENU">.�</span><span class="s2069664CL">State of dissociation.</span></p><p dir="ltr" class="s2069664Normal-000000"><span class="s2069664DefaultParagraphFont">(a) A dissociated member or a limited liability company may file in the office of the secretary of state a statement of dissociation stating the name of the company and that the member is dissociated from the company. If the statement is filed by a dissociated member a copy of the statement must also be delivered to the company by the dissociated member.</span></p><p dir="ltr" class="s2069664Normal-000001"><span xml:space="preserve" class="s2069664DefaultParagraphFont">(b) For the purposes of ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-301"><span class="s2069664DefaultParagraphFont">47-34A-301</span></a><span xml:space="preserve" class="s2069664DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-604"><span class="s2069664DefaultParagraphFont">47-34A-604</span></a><span class="s2069664DefaultParagraphFont">, a person not a member is deemed to have notice of the dissociation ninety days after the statement of dissociation is filed.</span></p><p dir="ltr" class="s2069664Normal"><span xml:space="preserve" class="s2069664000002"> </span></p><p dir="ltr" class="s2069664Normal"><span class="s2069664SCL">Source:</span><span xml:space="preserve" class="s2069664SCL-000003"> SL 1998, ch 272, ��605.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-701"> <span class="pt-SENU">47-34A-701</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Series of members, managers, or limited liability company interests permitted.</span> </p> <p dir="ltr" class="pt-Normal"> <span class="pt-DefaultParagraphFont">An operating agreement may establish or provide for the establishment of a series of members, managers, or limited liability company interests having separate rights, powers, or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations. To the extent provided in the operating agreement, any such series may have a separate business purpose or investment objective.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 200, � 1, eff. Nov. 15, 2020.</span> <span xml:space="preserve" class="pt-DefaultParagraphFont"> </span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } p.pt-StatuteNumber2 { margin-left: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-702"> <span class="pt-SENU">47-34A-702</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Liability of series for debts of limited liability company or other series.</span> </p> <p dir="ltr" class="pt-Normal"> <span class="pt-DefaultParagraphFont">(a) Notwithstanding any other provisions of law to the contrary, the debts, liabilities, and obligations incurred, contracted for, or otherwise existing with respect to a particular series shall be enforceable against the assets of such series only, and not against the assets of the limited liability company generally or any other series thereof, if all of the following apply:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">The operating agreement creates one or more series;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">Separate and distinct records are maintained for or on behalf of any such series;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span class="pt-DefaultParagraphFont">The assets associated with any such series, whether held directly or indirectly, including through a nominee or otherwise, are accounted for separately from the other assets of the limited liability company or of any other series;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(4)</span> <span class="pt-DefaultParagraphFont">The operating agreement provides for the limitations on liabilities of a series described in this subsection;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(5)</span> <span class="pt-DefaultParagraphFont">Notice of the limitation on liabilities of a series described in this subsection is included in the limited liability company s articles of organization; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(6)</span> <span class="pt-DefaultParagraphFont">A certificate of designation has been issued for each series that is to have limited liability under this section.</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont">(b) A particular series shall be deemed to have possession, custody, and control only of the books, records, information, and documentation related to such series and not of the books, records, information, and documentation related to the limited liability company as a whole or any other series thereof.</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont">(c) With respect to a particular series, unless otherwise provided in the operating agreement, none of the debts, liabilities, obligations, and expenses incurred, contracted for or otherwise existing with respect to a limited liability company generally, or any other series thereof, are enforceable against the assets of such series, subject to the provisions of subsection (a).</span> </p> <p dir="ltr" class="pt-StatuteNumber2"> <span class="pt-DefaultParagraphFont">(d) Compliance with subdivisions (a)(5) and (a)(6) of this section shall constitute notice of such limitation of liability of a series.</span> </p> <p dir="ltr" class="pt-Normal"> <span class="pt-DefaultParagraphFont">(e) A series with limited liability shall be treated as a separate entity to the extent set forth in the articles of organization. Each series with limited liability may, in its own name, contract, hold title to assets, including real and personal property, whether tangible or intangible, grant security interests, sue and be sued, and otherwise conduct business and exercise the powers of a limited liability company under this chapter. The limited liability company and any of its series may elect to consolidate its operations as a single taxpayer to the extent permitted under applicable law, elect to work cooperatively, elect to contract jointly, or elect to be treated as a single business for the purposes of qualification or authorization to do business in this or any other state. Such elections do not affect the limitation of liability set forth in this section except to the extent that the series have specifically accepted joint liability by contract.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 200, � 2, eff. Nov. 15, 2020.</span> <span xml:space="preserve" class="pt-DefaultParagraphFont"> </span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-703"> <span class="pt-SENU">47-34A-703</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Name of series.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-DefaultParagraphFont">Except in the case of a foreign limited liability company that has adopted a name that is not the name under which it is registered in its jurisdiction of organization, as permitted under ��</span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1005"> <span class="pt-DefaultParagraphFont">47-34A-1005</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont">, the name of the series with limited liability is required to contain the entire name of the limited liability company and be distinguishable from the names of the other series set forth in the articles of organization. In the case of a foreign limited liability company that has adopted a name that is not the name under which it is registered in its jurisdiction of organization, as permitted under ��</span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1005"> <span class="pt-DefaultParagraphFont">47-34A-1005</span> </a> <span class="pt-DefaultParagraphFont">, the name of the series with limited liability must contain the entire name under which the foreign limited liability company has been admitted to transact business in this state.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 200, � 3, eff. Nov. 15, 2020.</span> <span xml:space="preserve" class="pt-DefaultParagraphFont"> </span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2081132Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2081132SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2081132CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2081132DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2081132StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } a.s2081132000000 { text-decoration: none; } span.s2081132000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2081132DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2081132SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2081132Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-704"><span class="s2081132SENU">47-34A-704</span></a><span xml:space="preserve" class="s2081132SENU">. </span><span class="s2081132CL">Formation of series Amendment to certificate of designation Dissolution of series Registered agent and office.</span></p><p dir="ltr" class="s2081132Normal"><span class="s2081132DefaultParagraphFont">(a)</span></p><p dir="ltr" class="s2081132StatuteNumber1"><span xml:space="preserve" class="s2081132DefaultParagraphFont">(1)����Upon issuance by the secretary of state of a certificate of designation setting forth the name of the series with limited liability, in compliance with ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-203"><span class="s2081132DefaultParagraphFont">47-34A-203</span></a><span xml:space="preserve" class="s2081132DefaultParagraphFont"> or amendments under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-204"><span class="s2081132DefaultParagraphFont">47-34A-204</span></a><span class="s2081132DefaultParagraphFont">, the series' existence shall begin;</span></p><p dir="ltr" class="s2081132StatuteNumber1"><span class="s2081132DefaultParagraphFont">(2)����Each certificate of designation issued by the secretary of state shall be conclusive evidence that all required conditions have been met and that the series has been or shall be legally organized and formed under this section and is notice for all purposes of all other facts required to be set forth therein as of the filing date on the certificate;</span></p><p dir="ltr" class="s2081132StatuteNumber1"><span xml:space="preserve" class="s2081132DefaultParagraphFont">(3)����The name of a series with limited liability under this section may be changed by filing an application for a new certificate of designation with the secretary of state pursuant to ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-204"><span class="s2081132DefaultParagraphFont">47-34A-204</span></a><span class="s2081132DefaultParagraphFont">, identifying the series whose name is being changed and the new name of such series. If the managers of a series are not the same as the managers of the limited liability company, the names of the managers of a manager-managed series may be changed by filing an application for a new certificate of designation with the secretary of state;</span></p><p dir="ltr" class="s2081132StatuteNumber1"><span xml:space="preserve" class="s2081132DefaultParagraphFont">(4)����A series with limited liability under this section may be dissolved (i) upon the occurrence of any of the events referenced in ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-801"><span class="s2081132DefaultParagraphFont">47-34A-801</span></a><span xml:space="preserve" class="s2081132DefaultParagraphFont"> with respect to the series or (ii) by the dissolution of the limited liability company as provided in ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-801"><span class="s2081132DefaultParagraphFont">47-34A-801</span></a><span xml:space="preserve" class="s2081132DefaultParagraphFont">. Except to the extent otherwise provided in the operating agreement, a series may be dissolved and its affairs wound up without causing the dissolution of the limited liability company or any other series. The dissolution of a series established in accordance with ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-702"><span class="s2081132DefaultParagraphFont">47-34A-702</span></a><span xml:space="preserve" class="s2081132DefaultParagraphFont"> does not affect the limitation on liabilities of such series provided by ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-702"><span class="s2081132DefaultParagraphFont">47-34A-702</span></a><span xml:space="preserve" class="s2081132DefaultParagraphFont">. A series will be terminated (i) upon the dissolution and winding up of the limited liability company and the filing of articles of termination pursuant to ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-805"><span class="s2081132DefaultParagraphFont">47-34A-805</span></a><span class="s2081132DefaultParagraphFont">, or (ii) upon the dissolution and winding up of the series and filing of an application for a certificate of designation identifying the series being terminated;</span></p><p dir="ltr" class="s2081132StatuteNumber1"><a id="_pagenumber4" class="s2081132000000"></a><span class="s2081132DefaultParagraphFont">(5)����Articles of organization, articles of amendment, articles of termination, or applications for certificates of designation described under this subsection may be executed by the limited liability company or any manager, person, or entity designated in the operating agreement for the limited liability company.</span></p><p dir="ltr" class="s2081132Normal"><span class="s2081132DefaultParagraphFont">(b) If different from the limited liability company, the application for the certificate of designation shall list the names of the managers if the series is manager-managed.</span></p><p dir="ltr" class="s2081132Normal"><span class="s2081132DefaultParagraphFont">(c) A series of a limited liability company shall be deemed to be in good standing as long as the limited liability company is in good standing. A series of a limited liability company is administratively dissolved when the limited liability company is administratively dissolved, and the series will be reinstated if the limited liability company is reinstated.</span></p><p dir="ltr" class="s2081132Normal"><span xml:space="preserve" class="s2081132DefaultParagraphFont">(d) The registered agent and registered office for the limited liability company appointed under chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=59-11"><span class="s2081132DefaultParagraphFont">59-11</span></a><span xml:space="preserve" class="s2081132DefaultParagraphFont"> shall serve as the agent and office for service of process for each series in this state.</span></p><p dir="ltr" class="s2081132Normal"><span xml:space="preserve" class="s2081132000001"> </span></p><p dir="ltr" class="s2081132Normal"><span xml:space="preserve" class="s2081132DefaultParagraphFont-000002">Source: </span><span class="s2081132SCL">SL 2020, ch 200, � 4, eff. Nov. 15, 2020.</span><span xml:space="preserve" class="s2081132DefaultParagraphFont"> </span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-705"> <span class="pt-SENU">47-34A-705</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Rights, powers, and duties relating to series governed by operating agreement.</span> </p> <p dir="ltr" class="pt-Normal"> <span class="pt-DefaultParagraphFont">(a) An operating agreement may provide for classes or groups of members or managers associated with a series having such relative rights, powers, and duties as an operating agreement may provide and may make provision for the future creation of additional classes or groups of members or managers associated with the series having such relative rights, powers, and duties as may be established, including rights, powers, and duties senior and subordinate to or different from existing classes and groups of members or managers associated with the series.</span> </p> <p dir="ltr" class="pt-Normal"> <span class="pt-DefaultParagraphFont">(b) A series may be managed either by the member or members associated with the series or by the manager or managers chosen by the members of such series, as provided in the operating agreement. Unless otherwise provided in an operating agreement, the management of a series shall be vested in the members associated with such series.</span> </p> <p dir="ltr" class="pt-Normal"> <span class="pt-DefaultParagraphFont">(c) An operating agreement may grant to all or certain identified members or managers, or to a specified class or group of the members or managers associated with a series, the right to vote separately or with all or any class or group of the members or managers associated with the series, on any matter. An operating agreement may provide that any member or class or group of members associated with a series shall have no voting rights or ability to otherwise participate in the management or governance of such series, but any such member or class or group of members are owners of the series.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-DefaultParagraphFont">(d) Except as modified in this section, the provisions of this chapter that are generally applicable to limited liability companies and their managers, members, and transferees shall be applicable to each particular series with respect to the operation of such series. Except as otherwise provided in an operating agreement, a manager of a manager-managed series owes the duties referenced in ��</span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-409"> <span class="pt-DefaultParagraphFont">47-34A-409</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont"> only to the series for which the manager serves as a manager. A manager of a manager-managed series does not owe any duty (i) to any series for which the manager does not serve as a manager, (ii) to the members of another series for which the manager does not serve as a manager, in their capacity as members of another series, (iii) to the limited liability company, or (iv) to the members of the limited liability company, in their capacity as members of the limited liability company. Except as otherwise provided in an operating agreement, a member of a member-managed series owes the duties referenced in ��</span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-409"> <span class="pt-DefaultParagraphFont">47-34A-409</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont"> only to the series of which the member is a member. A member of a member-managed series does not owe any duty (i) to any series of which the member is not a member, (ii) to the members of another series of which the member is not a member, in their capacity as members of another series, (iii) to the limited liability company, or (iv) to the members of the limited liability company, in their capacity as members of the limited liability company.</span> </p> <p dir="ltr" class="pt-Normal"> <span class="pt-DefaultParagraphFont">(e) Except as otherwise provided in an operating agreement, any event specified in this chapter or in an operating agreement that causes a manager to cease to be a manager with respect to a series does not, in itself, cause such manager to cease to be a manager of the limited liability company or with respect to any other series thereof.</span> </p> <p dir="ltr" class="pt-Normal"> <span class="pt-DefaultParagraphFont">(f) Except as otherwise provided in an operating agreement, any event specified in this chapter or in an operating agreement that causes a member to cease to be associated with a series does not, in itself, cause such member to cease to be associated with any other series, terminate the continued membership of a member in the limited liability company, or cause the termination of the series, regardless of whether such member was the last remaining member associated with such series.</span> </p> <p dir="ltr" class="pt-Normal"> <span class="pt-DefaultParagraphFont">(g) An operating agreement may impose restrictions, duties, and obligations on members of the limited liability company or any series thereof as a matter of internal governance, including, without limitation, those with regard to:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">Choice of law, forum selection, or consent to personal jurisdiction;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">Capital contributions;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span class="pt-DefaultParagraphFont">Restrictions on, or terms and conditions of, the transfer of membership interests;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(4)</span> <span class="pt-DefaultParagraphFont">Restrictive covenants, including noncompetition, nonsolicitation, and confidentiality provisions;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(5)</span> <span class="pt-DefaultParagraphFont">Fiduciary duties; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(6)</span> <span class="pt-DefaultParagraphFont">Restrictions, duties, or obligations to or for the benefit of the limited liability company, other series thereof, or their affiliates.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 200, � 5, eff. Nov. 15, 2020.</span> <span xml:space="preserve" class="pt-DefaultParagraphFont"> </span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-706"> <span class="pt-SENU">47-34A-706</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Activities of series in foreign jurisdiction--Registration of series authorized in foreign jurisdiction.</span> </p> <p dir="ltr" class="pt-Normal"> <span class="pt-DefaultParagraphFont">(a) If a limited liability company with the ability to establish series does not register to do business in a foreign jurisdiction for itself and its series, a series of a limited liability company may itself register to do business as a limited liability company in the foreign jurisdiction in accordance with the laws of the foreign jurisdiction.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-DefaultParagraphFont">(b) If a foreign limited liability company, as permitted in the jurisdiction of its organization, has established a series having separate rights, powers, or duties and has limited the liabilities of such series so that the debts, liabilities, and obligations incurred, contracted for, or otherwise existing with respect to a particular series are enforceable against the assets of such series only, and not against the assets of the limited liability company generally or any other series thereof, or so that the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the limited liability company generally or any other series thereof are not enforceable against the assets of such series, then the limited liability company, on behalf of itself or any of its series, or any of its series on its own behalf may register to do business in this state in accordance with this chapter. The limitation of liability shall also be stated on the application for registration. In addition to the requirements of ��</span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1002"> <span class="pt-DefaultParagraphFont">47-34A-1002</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont">, the registration application filed shall identify each series being registered to do business in the state by the limited liability company. Unless otherwise provided in the operating agreement, the debts, liabilities, and obligations incurred, contracted for, or otherwise existing with respect to a particular series of such a foreign limited liability company shall be enforceable against the assets of such series only and not against the assets of the foreign limited liability company generally or any other series thereof, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to such a foreign limited liability company generally or any other series thereof shall be enforceable against the assets of such series. Any series registering to do business in this state on its own behalf shall provide the information required in ��</span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1002"> <span class="pt-DefaultParagraphFont">47-34A-1002</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont"> and pay the fees required by ��</span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-212"> <span class="pt-DefaultParagraphFont">47-34A-212</span> </a> <span xml:space="preserve" class="pt-DefaultParagraphFont"> and any other required fees.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 200, � 6, eff. Nov. 15, 2020.</span> <span xml:space="preserve" class="pt-DefaultParagraphFont"> </span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000000 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; display: inline-block; text-indent: 0; width: 0.500in; } span.pt-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-707"> <span class="pt-SENU">47-34A-707</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Requirements for application for certificate of designation.</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">An application for a certificate of designation shall exist in a medium prescribed by the secretary of state and shall set forth:</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(1)</span> <span class="pt-DefaultParagraphFont">The name of the limited liability company;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(2)</span> <span class="pt-DefaultParagraphFont">The name of the series of the limited liability company;</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(3)</span> <span class="pt-DefaultParagraphFont">The principal office address for the series; and</span> </p> <p dir="ltr" class="pt-StatuteNumber1"> <span class="pt-DefaultParagraphFont-000000">(4)</span> <span class="pt-DefaultParagraphFont">Whether the series is to be manager-managed, and, if so, the name and address for each initial manager, if different than the manager of the limited liability company in subsection (1).</span> </p> <p dir="ltr" class="pt-Statute"> <span class="pt-DefaultParagraphFont">Any amendment to the certificate of designation shall require a new application for a certificate of designation and payment of the applicable filing fee.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000001"> </span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 200, � 7, eff. Nov. 15, 2020.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000002">Source: </span> <span class="pt-SCL">SL 2020, ch 200, � 7, eff. Nov. 15, 2020.</span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069665Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069665SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069665CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069665Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069665DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069665Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069665Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069665000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069665SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069665SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069665Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-801"><span class="s2069665SENU">47-34A-801</span></a><span xml:space="preserve" class="s2069665SENU">.�</span><span class="s2069665CL">Events causing dissolution and winding up of company's business.</span></p><p dir="ltr" class="s2069665Normal-000000"><span class="s2069665DefaultParagraphFont">(a) A limited liability company is dissolved, and its business must be wound up, upon the occurrence of any of the following events:</span></p><p dir="ltr" class="s2069665Normal-000001"><span class="s2069665DefaultParagraphFont">(1)����An event specified in the operating agreement;</span></p><p dir="ltr" class="s2069665Normal-000001"><span class="s2069665DefaultParagraphFont">(2)����Consent of the number or percentage of members specified in the operating agreement;</span></p><p dir="ltr" class="s2069665Normal-000001"><span class="s2069665DefaultParagraphFont">(3)����An event that makes it unlawful for all or substantially all of the business of the company to be continued, but any cure of illegality within ninety days after notice to the company of the event is effective retroactively to the date of the event for purposes of this section;</span></p><p dir="ltr" class="s2069665Normal-000001"><span class="s2069665DefaultParagraphFont">(4)����On application by a member or a dissociated member, upon entry of a judicial decree that:</span></p><p dir="ltr" class="s2069665Normal-000002"><span class="s2069665DefaultParagraphFont">(i)����The economic purpose of the company is likely to be unreasonably frustrated;</span></p><p dir="ltr" class="s2069665Normal-000002"><span class="s2069665DefaultParagraphFont">(ii)����Another member has engaged in conduct relating to the company's business that makes it not reasonably practicable to carry on the company's business with that member;</span></p><p dir="ltr" class="s2069665Normal-000002"><span class="s2069665DefaultParagraphFont">(iii)����It is not otherwise reasonably practicable to carry on the company's business in conformity with the articles of organization and the operating agreement; or</span></p><p dir="ltr" class="s2069665Normal-000002"><span class="s2069665DefaultParagraphFont">(iv)����The managers or members in control of the company have acted, are acting, or will act in a manner that is illegal or fraudulent.</span></p><p dir="ltr" class="s2069665Normal"><span xml:space="preserve" class="s2069665000003"> </span></p><p dir="ltr" class="s2069665Normal"><span class="s2069665SCL">Source:</span><span xml:space="preserve" class="s2069665SCL-000004"> SL 1998, ch 272, ��801; SL 2009, ch 234, ��3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069666Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069666SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069666CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069666Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069666DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069666Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069666Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069666000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069666SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069666SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069666Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-802"><span class="s2069666SENU">47-34A-802</span></a><span xml:space="preserve" class="s2069666SENU">.�</span><span class="s2069666CL">Limited liability company continues after dissolution.</span></p><p dir="ltr" class="s2069666Normal-000000"><span class="s2069666DefaultParagraphFont">(a) Subject to subsection (b), a limited liability company continues after dissolution only for the purpose of winding up its business.</span></p><p dir="ltr" class="s2069666Normal-000001"><span class="s2069666DefaultParagraphFont">(b) At any time after the dissolution of a limited liability company and before the winding up of its business is completed, the members may unanimously waive the right to have the company's business wound up and the company terminated. In that case:</span></p><p dir="ltr" class="s2069666Normal-000002"><span class="s2069666DefaultParagraphFont">(1)����The limited liability company resumes carrying on its business as if dissolution had never occurred and any liability incurred by the company or a member after the dissolution and before the waiver is determined as if the dissolution had never occurred; and</span></p><p dir="ltr" class="s2069666Normal-000002"><span class="s2069666DefaultParagraphFont">(2)����The rights of a third party accruing as a result of the dissolution, under ��47-34A-804(a), or arising out of conduct in reliance on the dissolution before the third party knew or received a notification of the waiver are not adversely affected.</span></p><p dir="ltr" class="s2069666Normal"><span xml:space="preserve" class="s2069666000003"> </span></p><p dir="ltr" class="s2069666Normal"><span class="s2069666SCL">Source:</span><span xml:space="preserve" class="s2069666SCL-000004"> SL 1998, ch 272, ��802.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069667Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069667SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069667CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069667Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069667DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069667Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069667000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069667SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069667SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069667Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-803"><span class="s2069667SENU">47-34A-803</span></a><span xml:space="preserve" class="s2069667SENU">.�</span><span class="s2069667CL">Right to wind up the limited liability company's business.</span></p><p dir="ltr" class="s2069667Normal-000000"><span class="s2069667DefaultParagraphFont">(a) After dissolution, a member who has not wrongfully dissociated may participate in winding up a limited liability company's business, but on application of any member, member's legal representative, or transferee, the circuit court, for good cause shown, may order judicial supervision of the winding up.</span></p><p dir="ltr" class="s2069667Normal-000001"><span class="s2069667DefaultParagraphFont">(b) A legal representative of the last surviving member may wind up a limited liability company's business.</span></p><p dir="ltr" class="s2069667Normal-000001"><span xml:space="preserve" class="s2069667DefaultParagraphFont">(c) A person winding up a limited liability company's business may preserve the company's business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, settle and close the company's business, dispose of and transfer the company's property, discharge the company's liabilities, distribute the assets of the company pursuant to ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-806"><span class="s2069667DefaultParagraphFont">47-34A-806</span></a><span class="s2069667DefaultParagraphFont">, settle disputes by mediation or arbitration, and perform other necessary acts.</span></p><p dir="ltr" class="s2069667Normal"><span xml:space="preserve" class="s2069667000002"> </span></p><p dir="ltr" class="s2069667Normal"><span class="s2069667SCL">Source:</span><span xml:space="preserve" class="s2069667SCL-000003"> SL 1998, ch 272, ��803.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069668Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069668SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069668CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069668Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069668DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069668Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069668Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069668000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069668SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069668SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069668Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-804"><span class="s2069668SENU">47-34A-804</span></a><span xml:space="preserve" class="s2069668SENU">.�</span><span class="s2069668CL">Member's or manager's power and liability as agent after dissolution.</span></p><p dir="ltr" class="s2069668Normal-000000"><span class="s2069668DefaultParagraphFont">(a) A limited liability company is bound by a member's or manager's act after dissolution that:</span></p><p dir="ltr" class="s2069668Normal-000001"><span class="s2069668DefaultParagraphFont">(1)����Is appropriate for winding up the company's business; or</span></p><p dir="ltr" class="s2069668Normal-000001"><span xml:space="preserve" class="s2069668DefaultParagraphFont">(2)����Would have bound the company under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-301"><span class="s2069668DefaultParagraphFont">47-34A-301</span></a><span xml:space="preserve" class="s2069668DefaultParagraphFont"> before dissolution, if the other party to the transaction did not have notice of the dissolution.</span></p><p dir="ltr" class="s2069668Normal-000002"><span class="s2069668DefaultParagraphFont">(b) A member or manager who, with knowledge of the dissolution, subjects a limited liability company to liability by an act that is not appropriate for winding up the company's business is liable to the company for any damage caused to the company arising from the liability.</span></p><p dir="ltr" class="s2069668Normal"><span xml:space="preserve" class="s2069668000003"> </span></p><p dir="ltr" class="s2069668Normal"><span class="s2069668SCL">Source:</span><span xml:space="preserve" class="s2069668SCL-000004"> SL 1998, ch 272, ��804.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069669Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069669SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069669CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069669Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069669DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069669Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069669Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069669000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069669SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069669SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069669Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-805"><span class="s2069669SENU">47-34A-805</span></a><span xml:space="preserve" class="s2069669SENU">.�</span><span class="s2069669CL">Articles of termination.</span></p><p dir="ltr" class="s2069669Normal-000000"><span class="s2069669DefaultParagraphFont">(a) At any time after dissolution and winding up, a limited liability company may terminate its existence by filing with the secretary of state articles of termination stating:</span></p><p dir="ltr" class="s2069669Normal-000001"><span class="s2069669DefaultParagraphFont">(1)����The name of the company;</span></p><p dir="ltr" class="s2069669Normal-000001"><span class="s2069669DefaultParagraphFont">(2)����The date of the dissolution; and</span></p><p dir="ltr" class="s2069669Normal-000001"><span class="s2069669DefaultParagraphFont">(3)����That the company's business has been wound up and the legal existence of the company has been terminated.</span></p><p dir="ltr" class="s2069669Normal-000002"><span class="s2069669DefaultParagraphFont">(b) The existence of a limited liability company is terminated upon the filing of the articles of termination, or upon a later effective date, if specified in the articles of termination.</span></p><p dir="ltr" class="s2069669Normal-000002"><span class="s2069669DefaultParagraphFont">(c) Delivery may be made by electronic transmission if and to the extent permitted by the Office of the Secretary of State. If the document is filed in typewritten or printed form and not transmitted electronically, the Office of the Secretary of State may require one exact or conformed copy to be delivered with the document.</span></p><p dir="ltr" class="s2069669Normal"><span xml:space="preserve" class="s2069669000003"> </span></p><p dir="ltr" class="s2069669Normal"><span class="s2069669SCL">Source:</span><span xml:space="preserve" class="s2069669SCL-000004"> SL 1998, ch 272, ��805; SL 2012, ch 222, ��12.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069670Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069670SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069670CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069670Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069670DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069670Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069670000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069670SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069670SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069670Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-806"><span class="s2069670SENU">47-34A-806</span></a><span xml:space="preserve" class="s2069670SENU">.�</span><span class="s2069670CL">Distribution of assets in winding up the limited liability company's business.</span></p><p dir="ltr" class="s2069670Normal-000000"><span class="s2069670DefaultParagraphFont">(a) In winding up a limited liability company's business, the assets of the company must be applied to discharge its obligations to creditors, including members who are creditors. Any surplus must be applied to pay in money the net amount distributable to members in accordance with their right to distributions under subsection (b).</span></p><p dir="ltr" class="s2069670Normal-000001"><span class="s2069670DefaultParagraphFont">(b) Each member is entitled to a distribution upon the winding up of the limited liability company's business consisting of a return of all contributions which have not previously been returned and a distribution of any remainder in equal shares.</span></p><p dir="ltr" class="s2069670Normal"><span xml:space="preserve" class="s2069670000002"> </span></p><p dir="ltr" class="s2069670Normal"><span class="s2069670SCL">Source:</span><span xml:space="preserve" class="s2069670SCL-000003"> SL 1998, ch 272, ��806.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069671Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069671SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069671CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069671Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069671DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069671Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069671Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069671000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069671SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069671SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069671Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-807"><span class="s2069671SENU">47-34A-807</span></a><span xml:space="preserve" class="s2069671SENU">.�</span><span class="s2069671CL">Known claims against dissolved limited liability company.</span></p><p dir="ltr" class="s2069671Normal-000000"><span class="s2069671DefaultParagraphFont">(a) A dissolved limited liability company may dispose of the known claims against it by following the procedure described in this section.</span></p><p dir="ltr" class="s2069671Normal-000001"><span class="s2069671DefaultParagraphFont">(b) A dissolved limited liability company shall notify its known claimants in writing of the dissolution. The notice must:</span></p><p dir="ltr" class="s2069671Normal-000002"><span class="s2069671DefaultParagraphFont">(1)����Specify the information required to be included in a claim;</span></p><p dir="ltr" class="s2069671Normal-000002"><span class="s2069671DefaultParagraphFont">(2)����Provide a mailing address where the claim is to be sent;</span></p><p dir="ltr" class="s2069671Normal-000002"><span class="s2069671DefaultParagraphFont">(3)����State the deadline for receipt of the claim, which may not be less than one hundred twenty days after the date the written notice is received by the claimant; and</span></p><p dir="ltr" class="s2069671Normal-000002"><span class="s2069671DefaultParagraphFont">(4)����State that the claim will be barred if not received by the deadline.</span></p><p dir="ltr" class="s2069671Normal-000001"><span class="s2069671DefaultParagraphFont">(c) A claim against a dissolved limited liability company is barred if the requirements of subsection (b) are met, and:</span></p><p dir="ltr" class="s2069671Normal-000002"><span class="s2069671DefaultParagraphFont">(1)����The claim is not received by the specified deadline; or</span></p><p dir="ltr" class="s2069671Normal-000002"><span class="s2069671DefaultParagraphFont">(2)����In the case of a claim that is timely received but rejected by the dissolved company, the claimant does not commence a proceeding to enforce the claim within ninety days after the receipt of the notice of the rejection.</span></p><p dir="ltr" class="s2069671Normal-000001"><span class="s2069671DefaultParagraphFont">(d) For purposes of this section, claim does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.</span></p><p dir="ltr" class="s2069671Normal"><span xml:space="preserve" class="s2069671000003"> </span></p><p dir="ltr" class="s2069671Normal"><span class="s2069671SCL">Source:</span><span xml:space="preserve" class="s2069671SCL-000004"> SL 1998, ch 272, ��807.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069672Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069672SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069672CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069672Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069672DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069672Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069672Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069672000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069672SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069672SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069672Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-808"><span class="s2069672SENU">47-34A-808</span></a><span xml:space="preserve" class="s2069672SENU">.�</span><span class="s2069672CL">Notice--Other claims against dissolved limited liability company.</span></p><p dir="ltr" class="s2069672Normal-000000"><span class="s2069672DefaultParagraphFont">(a) A dissolved limited liability company may publish notice of its dissolution and request persons having claims against the company to present them in accordance with the notice.</span></p><p dir="ltr" class="s2069672Normal-000001"><span class="s2069672DefaultParagraphFont">(b) The notice must:</span></p><p dir="ltr" class="s2069672Normal-000002"><span class="s2069672DefaultParagraphFont">(1)����Be published at least once in a newspaper of general circulation in the county in which the dissolved limited liability company's principal office is or was located or, if none in this state, in Hughes County;</span></p><p dir="ltr" class="s2069672Normal-000002"><span class="s2069672DefaultParagraphFont">(2)����Describe the information required to be contained in a claim and provide a mailing address where the claim is to be sent; and</span></p><p dir="ltr" class="s2069672Normal-000002"><span class="s2069672DefaultParagraphFont">(3)����State that a claim against the limited liability company is barred unless a proceeding to enforce the claim is commenced within five years after publication of the notice.</span></p><p dir="ltr" class="s2069672Normal-000001"><span class="s2069672DefaultParagraphFont">(c) If a dissolved limited liability company publishes a notice in accordance with subsection (b), the claim of each of the following claimants is barred unless the claimant commences a proceeding to enforce the claim against the dissolved company within five years after the publication date of the notice:</span></p><p dir="ltr" class="s2069672Normal-000002"><span xml:space="preserve" class="s2069672DefaultParagraphFont">(1)����A claimant who did not receive written notice under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-807"><span class="s2069672DefaultParagraphFont">47-34A-807</span></a><span class="s2069672DefaultParagraphFont">;</span></p><p dir="ltr" class="s2069672Normal-000002"><span class="s2069672DefaultParagraphFont">(2)����A claimant whose claim was timely sent to the dissolved company but not acted on; and</span></p><p dir="ltr" class="s2069672Normal-000002"><span class="s2069672DefaultParagraphFont">(3)����A claimant whose claim is contingent or based on an event occurring after the effective date of dissolution.</span></p><p dir="ltr" class="s2069672Normal-000001"><span class="s2069672DefaultParagraphFont">(d) A claim not barred under this section may be enforced:</span></p><p dir="ltr" class="s2069672Normal-000002"><span class="s2069672DefaultParagraphFont">(1)����Against the dissolved limited liability company, to the extent of its undistributed assets; or</span></p><p dir="ltr" class="s2069672Normal-000002"><span class="s2069672DefaultParagraphFont">(2)����If the assets have been distributed in liquidation, against a member of the dissolved company to the extent of the member's proportionate share of the claim or the company's assets distributed to the member in liquidation, whichever is less, but a member's total liability for all claims under this section may not exceed the total amount of assets distributed to the member.</span></p><p dir="ltr" class="s2069672Normal"><span xml:space="preserve" class="s2069672000003"> </span></p><p dir="ltr" class="s2069672Normal"><span class="s2069672SCL">Source:</span><span xml:space="preserve" class="s2069672SCL-000004"> SL 1998, ch 272, ��808; SL 2008, ch 275, ��77.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069673Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069673SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069673CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069673Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069673DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069673Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069673000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069673SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069673SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069673Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-809"><span class="s2069673SENU">47-34A-809</span></a><span xml:space="preserve" class="s2069673SENU">.�</span><span class="s2069673CL">Grounds for administrative dissolution.</span></p><p dir="ltr" class="s2069673Normal-000000"><span class="s2069673DefaultParagraphFont">The secretary of state may commence a proceeding to dissolve a limited liability company administratively if the company does not:</span></p><p dir="ltr" class="s2069673Normal-000001"><span class="s2069673DefaultParagraphFont">(1)����Pay any fees, taxes, or penalties imposed by this chapter or other law within sixty days after they are due; or</span></p><p dir="ltr" class="s2069673Normal-000001"><span class="s2069673DefaultParagraphFont">(2)����Deliver its annual report to the secretary of state within sixty days after it is due.</span></p><p dir="ltr" class="s2069673Normal"><span xml:space="preserve" class="s2069673000002"> </span></p><p dir="ltr" class="s2069673Normal"><span class="s2069673SCL">Source:</span><span xml:space="preserve" class="s2069673SCL-000003"> SL 1998, ch 272, ��809.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069674Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069674SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069674CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069674Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069674DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069674Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069674000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069674SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069674SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069674Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-810"><span class="s2069674SENU">47-34A-810</span></a><span xml:space="preserve" class="s2069674SENU">.�</span><span class="s2069674CL">Procedure for and effect of administrative dissolution.</span></p><p dir="ltr" class="s2069674Normal-000000"><span class="s2069674DefaultParagraphFont">(a) If the secretary of state determines that a ground exists for administratively dissolving a limited liability company, the secretary of state shall enter a record of the determination and serve the company with a copy of the record.</span></p><p dir="ltr" class="s2069674Normal-000001"><span class="s2069674DefaultParagraphFont">(b) If the company does not correct each ground for dissolution or demonstrate to the reasonable satisfaction of the secretary of state that each ground determined by the secretary of state does not exist within sixty days after service of the notice, the secretary of state shall administratively dissolve the company by signing a certification of the dissolution that recites the ground for dissolution and its effective date. The secretary of state shall file the original of the certificate and serve the company with a copy of the certificate.</span></p><p dir="ltr" class="s2069674Normal-000001"><span xml:space="preserve" class="s2069674DefaultParagraphFont">(c) A company administratively dissolved continues its existence but may carry on only business necessary to wind up and liquidate its business and affairs under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-802"><span class="s2069674DefaultParagraphFont">47-34A-802</span></a><span xml:space="preserve" class="s2069674DefaultParagraphFont"> and to notify claimants under ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-807"><span class="s2069674DefaultParagraphFont">47-34A-807</span></a><span xml:space="preserve" class="s2069674DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-808"><span class="s2069674DefaultParagraphFont">47-34A-808</span></a><span class="s2069674DefaultParagraphFont">.</span></p><p dir="ltr" class="s2069674Normal-000001"><span class="s2069674DefaultParagraphFont">(d) The administrative dissolution of a company does not terminate the authority of its agent for service of process.</span></p><p dir="ltr" class="s2069674Normal"><span xml:space="preserve" class="s2069674000002"> </span></p><p dir="ltr" class="s2069674Normal"><span class="s2069674SCL">Source:</span><span xml:space="preserve" class="s2069674SCL-000003"> SL 1998, ch 272, ��810.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069675Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069675SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069675CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069675Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069675DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069675Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069675Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069675000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069675SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069675SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069675Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-811"><span class="s2069675SENU">47-34A-811</span></a><span xml:space="preserve" class="s2069675SENU">.�</span><span class="s2069675CL">Reinstatement following administrative dissolution.</span></p><p dir="ltr" class="s2069675Normal-000000"><span class="s2069675DefaultParagraphFont">(a) A limited liability company administratively dissolved may apply to the secretary of state for reinstatement after the effective date of dissolution. Delivery may be made by electronic transmission if and to the extent permitted by the Office of the Secretary of State. If the document is filed in typewritten or printed form and not transmitted electronically, the Office of the Secretary of State may require one exact or conformed copy to be delivered with the document. The applicant shall submit with the application the appropriate filing fee. The secretary of state shall charge filing fees for any delinquent annual report and a fee for application of reinstatement in the amount of one hundred fifty dollars. The application must:</span></p><p dir="ltr" class="s2069675Normal-000001"><span class="s2069675DefaultParagraphFont">(1)����Recite the name of the company and the effective date of its administrative dissolution;</span></p><p dir="ltr" class="s2069675Normal-000001"><span class="s2069675DefaultParagraphFont">(2)����State that the ground for dissolution either did not exist or have been eliminated;</span></p><p dir="ltr" class="s2069675Normal-000001"><span xml:space="preserve" class="s2069675DefaultParagraphFont">(3)����State that the company's name satisfies the requirements of ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-105"><span class="s2069675DefaultParagraphFont">47-34A-105</span></a><span class="s2069675DefaultParagraphFont">; and</span></p><p dir="ltr" class="s2069675Normal-000001"><span class="s2069675DefaultParagraphFont">(4)����Contain a certificate from the appropriate state authority reciting that all taxes owed by the company have been paid.</span></p><p dir="ltr" class="s2069675Normal-000002"><span class="s2069675DefaultParagraphFont">(b) If the secretary of state determines that the application contains the information required by subsection (a) and that the information is correct, the secretary of state shall cancel the certificate of dissolution and prepare a certificate of reinstatement that recites this determination and the effective date of reinstatement, file the original of the certificate, and serve the company with a copy of the certificate.</span></p><p dir="ltr" class="s2069675Normal-000002"><span class="s2069675DefaultParagraphFont">(c) When reinstatement is effective, it relates back to and takes effect as of the effective date of the administrative dissolution and the company may resume its business as if the administrative dissolution had never occurred.</span></p><p dir="ltr" class="s2069675Normal"><span xml:space="preserve" class="s2069675000003"> </span></p><p dir="ltr" class="s2069675Normal"><span class="s2069675SCL">Source:</span><span xml:space="preserve" class="s2069675SCL-000004"> SL 1998, ch 272, ��811; SL 2003, ch 8, ��24; SL 2005, ch 241, ��4; SL 2009, ch 4, ��19; SL 2012, ch 222, ��13.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069676Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069676SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069676CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069676Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069676DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069676Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069676000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069676SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069676SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069676Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-812"><span class="s2069676SENU">47-34A-812</span></a><span xml:space="preserve" class="s2069676SENU">.�</span><span class="s2069676CL">Appeal from denial of reinstatement.</span></p><p dir="ltr" class="s2069676Normal-000000"><span class="s2069676DefaultParagraphFont">(a) If the secretary of state denies a limited liability company's application for reinstatement following administrative dissolution, the secretary of state shall serve the company with a record that explains the reason or reasons for denial.</span></p><p dir="ltr" class="s2069676Normal-000001"><span class="s2069676DefaultParagraphFont">(b) The company may appeal the denial of reinstatement to the state circuit court within thirty days after service of the notice of denial is perfected. The company appeals by petitioning the court to set aside the dissolution and attaching to the petition copies of the secretary of state's certificate of dissolution, the company's application for reinstatement, and the secretary of state's notice of denial.</span></p><p dir="ltr" class="s2069676Normal-000001"><span class="s2069676DefaultParagraphFont">(c) The court may summarily order the secretary of state to reinstate the dissolved company or may take other action the court considers appropriate.</span></p><p dir="ltr" class="s2069676Normal-000001"><span class="s2069676DefaultParagraphFont">(d) The court's final decision may be appealed as in other civil proceedings.</span></p><p dir="ltr" class="s2069676Normal"><span xml:space="preserve" class="s2069676000002"> </span></p><p dir="ltr" class="s2069676Normal"><span class="s2069676SCL">Source:</span><span xml:space="preserve" class="s2069676SCL-000003"> SL 1998, ch 272, ��812.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069677Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069677SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069677CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069677Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069677DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069677Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069677Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069677000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069677SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069677SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069677Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-901"><span class="s2069677SENU">47-34A-901</span></a><span xml:space="preserve" class="s2069677SENU">.�</span><span class="s2069677CL">Definitions.</span></p><p dir="ltr" class="s2069677Normal-000000"><span class="s2069677DefaultParagraphFont">Terms used in this article:</span></p><p dir="ltr" class="s2069677Normal-000001"><span class="s2069677DefaultParagraphFont">(1)����"Constituent limited liability company" means a constituent organization that is a limited liability company;</span></p><p dir="ltr" class="s2069677Normal-000001"><span class="s2069677DefaultParagraphFont">(2)����"Constituent organization" means an organization that is party to a merger;</span></p><p dir="ltr" class="s2069677Normal-000001"><span xml:space="preserve" class="s2069677DefaultParagraphFont">(3)����"Converted organization" means the organization into which a converting organization converts pursuant to ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-906"><span class="s2069677DefaultParagraphFont">47-34A-906</span></a><span xml:space="preserve" class="s2069677DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-909"><span class="s2069677DefaultParagraphFont">47-34A-909</span></a><span class="s2069677DefaultParagraphFont">, inclusive;</span></p><p dir="ltr" class="s2069677Normal-000001"><span class="s2069677DefaultParagraphFont">(4)����"Converting limited liability company" means a converting organization that is a limited liability company;</span></p><p dir="ltr" class="s2069677Normal-000001"><span xml:space="preserve" class="s2069677DefaultParagraphFont">(5)����"Converting organization" means an organization that converts into another organization pursuant to ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-906"><span class="s2069677DefaultParagraphFont">47-34A-906</span></a><span class="s2069677DefaultParagraphFont">;</span></p><p dir="ltr" class="s2069677Normal-000001"><span xml:space="preserve" class="s2069677DefaultParagraphFont">(6)����"Domesticated company" means the company that exists after a domesticating foreign limited liability company or limited liability company effects a domestication pursuant to ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-910"><span class="s2069677DefaultParagraphFont">47-34A-910</span></a><span xml:space="preserve" class="s2069677DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-913"><span class="s2069677DefaultParagraphFont">47-34A-913</span></a><span class="s2069677DefaultParagraphFont">, inclusive;</span></p><p dir="ltr" class="s2069677Normal-000001"><span xml:space="preserve" class="s2069677DefaultParagraphFont">(7)����"Domesticating company" means the company that effects a domestication pursuant to ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-910"><span class="s2069677DefaultParagraphFont">47-34A-910</span></a><span xml:space="preserve" class="s2069677DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-913"><span class="s2069677DefaultParagraphFont">47-34A-913</span></a><span class="s2069677DefaultParagraphFont">, inclusive;</span></p><p dir="ltr" class="s2069677Normal-000001"><span class="s2069677DefaultParagraphFont">(8)����"Governing statute" means the statute that governs an organization's internal affairs;</span></p><p dir="ltr" class="s2069677Normal-000001"><span class="s2069677DefaultParagraphFont">(9)����"Organization" means a general partnership, including a limited liability partnership; limited partnership, including a limited liability limited partnership, limited liability company, business trust, corporation, or any other person having a governing statute. The term includes a domestic or foreign organization regardless of whether organized for profit;</span></p><p dir="ltr" class="s2069677Normal-000001"><span class="s2069677DefaultParagraphFont">(10)����"Organizational documents" means:</span></p><p dir="ltr" class="s2069677Normal-000002"><span class="s2069677DefaultParagraphFont">(a)����For a domestic or foreign general partnership, its partnership agreement;</span></p><p dir="ltr" class="s2069677Normal-000002"><span class="s2069677DefaultParagraphFont">(b)����For a limited partnership or foreign limited partnership, its certificate of limited partnership and partnership agreement;</span></p><p dir="ltr" class="s2069677Normal-000002"><span class="s2069677DefaultParagraphFont">(c)����For a domestic or foreign limited liability company, its certificate or articles of organization and operating agreement, or comparable records as provided in its governing statute;</span></p><p dir="ltr" class="s2069677Normal-000002"><span class="s2069677DefaultParagraphFont">(d)����For a business trust, its agreement of trust and declaration of trust;</span></p><p dir="ltr" class="s2069677Normal-000002"><span class="s2069677DefaultParagraphFont">(e)����For a domestic or foreign corporation for profit, its articles of incorporation, bylaws, and other agreements among its shareholders which are authorized by its governing statute, or comparable records as provided in its governing statute; and</span></p><p dir="ltr" class="s2069677Normal-000002"><span class="s2069677DefaultParagraphFont">(f)����For any other organization, the basic records that create the organization and determine its internal governance and the relations among the persons that own it, have an interest in it, or are members of it;</span></p><p dir="ltr" class="s2069677Normal-000001"><span class="s2069677DefaultParagraphFont">(11)����"Personal liability" means liability for a debt, obligation, or other liability of an organization which is imposed on a person that co-owns, has an interest in, or is a member of the organization:</span></p><p dir="ltr" class="s2069677Normal-000002"><span class="s2069677DefaultParagraphFont">(a)����By the governing statute solely by reason of the person co-owning, having an interest in, or being a member of the organization; or</span></p><p dir="ltr" class="s2069677Normal-000002"><span class="s2069677DefaultParagraphFont">(b)����By the organization's organizational documents under a provision of the governing statute authorizing those documents to make one or more specified persons liable for all or specified debts, obligations, or other liabilities of the organization solely by reason of the person or persons co-owning, having an interest in, or being a member of the organization;</span></p><p dir="ltr" class="s2069677Normal-000001"><span class="s2069677DefaultParagraphFont">(12)����"Surviving organization" means an organization into which one or more other organizations are merged whether the organization preexisted the merger or was created by the merger.</span></p><p dir="ltr" class="s2069677Normal"><span xml:space="preserve" class="s2069677000003"> </span></p><p dir="ltr" class="s2069677Normal"><span class="s2069677SCL">Source:</span><span xml:space="preserve" class="s2069677SCL-000004"> SL 1998, ch 272, ��901; SL 2013, ch 233, ��15.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069678Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069678SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069678CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069678Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069678DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069678Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069678Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069678000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069678SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069678SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069678Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-902"><span class="s2069678SENU">47-34A-902</span></a><span xml:space="preserve" class="s2069678SENU">.�</span><span class="s2069678CL">Merger.</span></p><p dir="ltr" class="s2069678Normal-000000"><span xml:space="preserve" class="s2069678DefaultParagraphFont">(a) A limited liability company may merge with one or more other constituent organizations pursuant to this section, ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-903"><span class="s2069678DefaultParagraphFont">47-34A-903</span></a><span xml:space="preserve" class="s2069678DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-905"><span class="s2069678DefaultParagraphFont">47-34A-905</span></a><span class="s2069678DefaultParagraphFont">, inclusive, and a plan of merger, if:</span></p><p dir="ltr" class="s2069678Normal-000001"><span class="s2069678DefaultParagraphFont">(1)����The governing statute of each of the other organizations authorizes the merger;</span></p><p dir="ltr" class="s2069678Normal-000001"><span class="s2069678DefaultParagraphFont">(2)����The merger is not prohibited by the law of a jurisdiction that enacted any of the governing statutes; and</span></p><p dir="ltr" class="s2069678Normal-000001"><span class="s2069678DefaultParagraphFont">(3)����Each of the other organizations complies with its governing statute in effecting the merger.</span></p><p dir="ltr" class="s2069678Normal-000002"><span class="s2069678DefaultParagraphFont">(b) A plan of merger must be in a record and must include:</span></p><p dir="ltr" class="s2069678Normal-000001"><span class="s2069678DefaultParagraphFont">(1)����The name and form of each constituent organization;</span></p><p dir="ltr" class="s2069678Normal-000001"><span class="s2069678DefaultParagraphFont">(2)����The name and form of the surviving organization and, if the surviving organization is to be created by the merger, a statement to that effect;</span></p><p dir="ltr" class="s2069678Normal-000001"><span class="s2069678DefaultParagraphFont">(3)����The terms and conditions of the merger, including the manner and basis for converting the interests in each constituent organization into any combination of money, interests in the surviving organization, and other consideration;</span></p><p dir="ltr" class="s2069678Normal-000001"><span class="s2069678DefaultParagraphFont">(4)����If the surviving organization is to be created by the merger, the surviving organization's organizational documents that are proposed to be in a record; and</span></p><p dir="ltr" class="s2069678Normal-000001"><span class="s2069678DefaultParagraphFont">(5)����If the surviving organization is not to be created by the merger, any amendments to be made by the merger to the surviving organization's organizational documents that are, or are proposed to be, in a record.</span></p><p dir="ltr" class="s2069678Normal"><span xml:space="preserve" class="s2069678000003"> </span></p><p dir="ltr" class="s2069678Normal"><span class="s2069678SCL">Source:</span><span xml:space="preserve" class="s2069678SCL-000004"> SL 1998, ch 272, ��902; SL 2013, ch 233, ��16.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069679Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069679SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069679CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069679Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069679DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069679Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069679Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069679000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069679SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069679SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069679Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-903"><span class="s2069679SENU">47-34A-903</span></a><span xml:space="preserve" class="s2069679SENU">.�</span><span class="s2069679CL">Action on plan of merger by constituent limited liability company.</span></p><p dir="ltr" class="s2069679Normal-000000"><span xml:space="preserve" class="s2069679DefaultParagraphFont">(a) Subject to ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-914"><span class="s2069679DefaultParagraphFont">47-34A-914</span></a><span class="s2069679DefaultParagraphFont">, a plan of merger must be consented to by all the members of a constituent limited liability company.</span></p><p dir="ltr" class="s2069679Normal-000001"><span xml:space="preserve" class="s2069679DefaultParagraphFont">(b) Subject to ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-914"><span class="s2069679DefaultParagraphFont">47-34A-914</span></a><span xml:space="preserve" class="s2069679DefaultParagraphFont"> and any contractual rights, after a merger is approved, and at any time before articles of merger are delivered to the secretary of state for filing under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-904"><span class="s2069679DefaultParagraphFont">47-34A-904</span></a><span class="s2069679DefaultParagraphFont">, a constituent limited liability company may amend the plan or abandon the merger:</span></p><p dir="ltr" class="s2069679Normal-000002"><span class="s2069679DefaultParagraphFont">(1)����As provided in the plan; or</span></p><p dir="ltr" class="s2069679Normal-000002"><span class="s2069679DefaultParagraphFont">(2)����Except as otherwise prohibited in the plan, with the same consent as was required to approve the plan.</span></p><p dir="ltr" class="s2069679Normal"><span xml:space="preserve" class="s2069679000003"> </span></p><p dir="ltr" class="s2069679Normal"><span class="s2069679SCL">Source:</span><span xml:space="preserve" class="s2069679SCL-000004"> SL 1998, ch 272, ��903; SL 2013, ch 233, ��17.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069680Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069680SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069680CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069680Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069680DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069680Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069680Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069680Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069680000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069680SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069680SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069680Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-904"><span class="s2069680SENU">47-34A-904</span></a><span xml:space="preserve" class="s2069680SENU">.�</span><span class="s2069680CL">Filings required for merger--Effective date.</span></p><p dir="ltr" class="s2069680Normal-000000"><span class="s2069680DefaultParagraphFont">(a) After each constituent organization has approved a merger, articles of merger must be signed on behalf of:</span></p><p dir="ltr" class="s2069680Normal-000001"><span xml:space="preserve" class="s2069680DefaultParagraphFont">(1)����Each constituent limited liability company, as provided in ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-205"><span class="s2069680DefaultParagraphFont">47-34A-205</span></a><span class="s2069680DefaultParagraphFont">; and</span></p><p dir="ltr" class="s2069680Normal-000001"><span class="s2069680DefaultParagraphFont">(2)����Each other constituent organization, as provided in its governing statute.</span></p><p dir="ltr" class="s2069680Normal-000002"><span class="s2069680DefaultParagraphFont">(b) Articles of merger under this section must include:</span></p><p dir="ltr" class="s2069680Normal-000001"><span class="s2069680DefaultParagraphFont">(1)����The name and form of each constituent organization and the jurisdiction of its governing statute;</span></p><p dir="ltr" class="s2069680Normal-000001"><span class="s2069680DefaultParagraphFont">(2)����The name and form of the surviving organization, the jurisdiction of its governing statute, and, if the surviving organization is created by the merger, a statement to that effect;</span></p><p dir="ltr" class="s2069680Normal-000001"><span class="s2069680DefaultParagraphFont">(3)����The date the merger is effective under the governing statute of the surviving organization;</span></p><p dir="ltr" class="s2069680Normal-000001"><span class="s2069680DefaultParagraphFont">(4)����If the surviving organization is to be created by the merger:</span></p><p dir="ltr" class="s2069680Normal-000003"><span class="s2069680DefaultParagraphFont">(A)����If it will be a limited liability company, the company's certificate of organization; or</span></p><p dir="ltr" class="s2069680Normal-000003"><span class="s2069680DefaultParagraphFont">(B)����If it will be an organization other than a limited liability company, the organizational document that creates the organization that is in a public record;</span></p><p dir="ltr" class="s2069680Normal-000001"><span class="s2069680DefaultParagraphFont">(5)����If the surviving organization preexists the merger, any amendments provided for in the plan of merger for the organizational document that created the organization that are in a public record;</span></p><p dir="ltr" class="s2069680Normal-000001"><span class="s2069680DefaultParagraphFont">(6)����A statement as to each constituent organization that the merger was approved as required by the organization's governing statute;</span></p><p dir="ltr" class="s2069680Normal-000001"><span class="s2069680DefaultParagraphFont">(7)����If the surviving organization is a foreign organization not authorized to transact business in this state, the street and mailing addresses of an office that the secretary of state may use for the purposes of ��47-34A-905(b); and</span></p><p dir="ltr" class="s2069680Normal-000001"><span class="s2069680DefaultParagraphFont">(8)����Any additional information required by the governing statute of any constituent organization.</span></p><p dir="ltr" class="s2069680Normal-000002"><span class="s2069680DefaultParagraphFont">(c) Each constituent limited liability company shall deliver the articles of merger for filing in the Office of the Secretary of State.</span></p><p dir="ltr" class="s2069680Normal-000002"><span class="s2069680DefaultParagraphFont">(d) A merger becomes effective under this article:</span></p><p dir="ltr" class="s2069680Normal-000001"><span class="s2069680DefaultParagraphFont">(1)����If the surviving organization is a limited liability company, upon the later of:</span></p><p dir="ltr" class="s2069680Normal-000003"><span class="s2069680DefaultParagraphFont">(A)����Compliance with subsection (c); or</span></p><p dir="ltr" class="s2069680Normal-000003"><span xml:space="preserve" class="s2069680DefaultParagraphFont">(B)����Subject to ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-206"><span class="s2069680DefaultParagraphFont">47-34A-206</span></a><span class="s2069680DefaultParagraphFont">, as specified in the articles of merger; or</span></p><p dir="ltr" class="s2069680Normal-000001"><span class="s2069680DefaultParagraphFont">(2)����If the surviving organization is not a limited liability company, as provided by the governing statute of the surviving organization.</span></p><p dir="ltr" class="s2069680Normal"><span xml:space="preserve" class="s2069680000004"> </span></p><p dir="ltr" class="s2069680Normal"><span class="s2069680SCL">Source:</span><span xml:space="preserve" class="s2069680SCL-000005"> SL 1998, ch 272, ��904; SL 2013, ch 233, ��18.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069681Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069681SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069681CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069681Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069681DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069681Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069681Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069681Normal-000003 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069681000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069681SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069681SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069681Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-905"><span class="s2069681SENU">47-34A-905</span></a><span xml:space="preserve" class="s2069681SENU">.�</span><span class="s2069681CL">Effect of merger.</span></p><p dir="ltr" class="s2069681Normal-000000"><span class="s2069681DefaultParagraphFont">(a) When a merger becomes effective:</span></p><p dir="ltr" class="s2069681Normal-000001"><span class="s2069681DefaultParagraphFont">(1)����The surviving organization continues or comes into existence;</span></p><p dir="ltr" class="s2069681Normal-000001"><span class="s2069681DefaultParagraphFont">(2)����Each constituent organization that merges into the surviving organization ceases to exist as a separate entity;</span></p><p dir="ltr" class="s2069681Normal-000001"><span class="s2069681DefaultParagraphFont">(3)����All property owned by each constituent organization that ceases to exist vests in the surviving organization;</span></p><p dir="ltr" class="s2069681Normal-000001"><span class="s2069681DefaultParagraphFont">(4)����All debts, obligations, or other liabilities of each constituent organization that ceases to exist continue as debts, obligations, or other liabilities of the surviving organization;</span></p><p dir="ltr" class="s2069681Normal-000001"><span class="s2069681DefaultParagraphFont">(5)����An action or proceeding pending by or against any constituent organization that ceases to exist may be continued as if the merger had not occurred;</span></p><p dir="ltr" class="s2069681Normal-000001"><span class="s2069681DefaultParagraphFont">(6)����Except as prohibited by other law, all of the rights, privileges, immunities, powers, and purposes of each constituent organization that ceases to exist vest in the surviving organization;</span></p><p dir="ltr" class="s2069681Normal-000001"><span class="s2069681DefaultParagraphFont">(7)����Except as otherwise provided in the plan of merger, the terms and conditions of the plan of merger take effect;</span></p><p dir="ltr" class="s2069681Normal-000001"><span xml:space="preserve" class="s2069681DefaultParagraphFont">(8)����Except as otherwise agreed, if a constituent limited liability company ceases to exist, the merger does not dissolve the limited liability company for the purposes of ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-801"><span class="s2069681DefaultParagraphFont">47-34A-801</span></a><span xml:space="preserve" class="s2069681DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-812"><span class="s2069681DefaultParagraphFont">47-34A-812</span></a><span class="s2069681DefaultParagraphFont">, inclusive;</span></p><p dir="ltr" class="s2069681Normal-000001"><span class="s2069681DefaultParagraphFont">(9)����If the surviving organization is created by the merger:</span></p><p dir="ltr" class="s2069681Normal-000002"><span class="s2069681DefaultParagraphFont">(A)����If it is a limited liability company, the certificate of organization becomes effective; or</span></p><p dir="ltr" class="s2069681Normal-000002"><span class="s2069681DefaultParagraphFont">(B)����If it is an organization other than a limited liability company, the organizational document that creates the organization becomes effective; and</span></p><p dir="ltr" class="s2069681Normal-000001"><span class="s2069681DefaultParagraphFont">(10)����If the surviving organization preexisted the merger, any amendments provided for in the articles of merger for the organizational document that created the organization become effective.</span></p><p dir="ltr" class="s2069681Normal-000003"><span xml:space="preserve" class="s2069681DefaultParagraphFont">(b) A surviving organization that is a foreign organization consents to the jurisdiction of the courts of this state to enforce any debt, obligation, or other liability owed by a constituent organization, if before the merger the constituent organization was subject to suit in this state on the debt, obligation, or other liability. A surviving organization that is a foreign organization and not authorized to transact business in this state appoints the secretary of state as its agent for service of process for the purposes of enforcing a debt, obligation, or other liability under this subsection. Service on the secretary of state under this subsection must be made in the same manner as in ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-206"><span class="s2069681DefaultParagraphFont">47-34A-206</span></a><span class="s2069681DefaultParagraphFont">.</span></p><p dir="ltr" class="s2069681Normal"><span xml:space="preserve" class="s2069681000004"> </span></p><p dir="ltr" class="s2069681Normal"><span class="s2069681SCL">Source:</span><span xml:space="preserve" class="s2069681SCL-000005"> SL 1998, ch 272, ��905; SL 2013, ch 233, ��19.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069682Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069682SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069682CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069682Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069682DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069682Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069682Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069682000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069682SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069682SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069682Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-906"><span class="s2069682SENU">47-34A-906</span></a><span xml:space="preserve" class="s2069682SENU">.�</span><span class="s2069682CL">Conversion.</span></p><p dir="ltr" class="s2069682Normal-000000"><span xml:space="preserve" class="s2069682DefaultParagraphFont">(a) An organization other than a limited liability company or a foreign limited liability company may convert to a limited liability company, and a limited liability company may convert to an organization other than a foreign limited liability company pursuant to ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-907"><span class="s2069682DefaultParagraphFont">47-34A-907</span></a><span xml:space="preserve" class="s2069682DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-909"><span class="s2069682DefaultParagraphFont">47-34A-909</span></a><span class="s2069682DefaultParagraphFont">, inclusive, and a plan of conversion, if:</span></p><p dir="ltr" class="s2069682Normal-000001"><span class="s2069682DefaultParagraphFont">(1)����The other organization's governing statute authorizes the conversion;</span></p><p dir="ltr" class="s2069682Normal-000001"><span class="s2069682DefaultParagraphFont">(2)����The conversion is not prohibited by the law of the jurisdiction that enacted the other organization's governing statute; and</span></p><p dir="ltr" class="s2069682Normal-000001"><span class="s2069682DefaultParagraphFont">(3)����The other organization complies with its governing statute in effecting the conversion.</span></p><p dir="ltr" class="s2069682Normal-000002"><span class="s2069682DefaultParagraphFont">(b) A plan of conversion must be in a record and must include:</span></p><p dir="ltr" class="s2069682Normal-000001"><span class="s2069682DefaultParagraphFont">(1)����The name and form of the organization before conversion;</span></p><p dir="ltr" class="s2069682Normal-000001"><span class="s2069682DefaultParagraphFont">(2)����The name and form of the organization after conversion;</span></p><p dir="ltr" class="s2069682Normal-000001"><span class="s2069682DefaultParagraphFont">(3)����The terms and conditions of the conversion, including the manner and basis for converting interests in the converting organization into any combination of money, interests in the converted organization, and other consideration; and</span></p><p dir="ltr" class="s2069682Normal-000001"><span class="s2069682DefaultParagraphFont">(4)����The organizational documents of the converted organization that are, or are proposed to be, in a record.</span></p><p dir="ltr" class="s2069682Normal"><span xml:space="preserve" class="s2069682000003"> </span></p><p dir="ltr" class="s2069682Normal"><span class="s2069682SCL">Source:</span><span xml:space="preserve" class="s2069682SCL-000004"> SL 1998, ch 272, ��906; SL 2008, ch 275, ��78; SL 2013, ch 233, ��20.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069683Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069683SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069683CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069683Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069683DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069683Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069683Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069683000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069683SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069683SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069683Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-907"><span class="s2069683SENU">47-34A-907</span></a><span xml:space="preserve" class="s2069683SENU">.�</span><span class="s2069683CL">Action on plan of conversion by converting limited liability company.</span></p><p dir="ltr" class="s2069683Normal-000000"><span xml:space="preserve" class="s2069683DefaultParagraphFont">(a) Subject to ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-914"><span class="s2069683DefaultParagraphFont">47-34A-914</span></a><span class="s2069683DefaultParagraphFont">, a plan of conversion must be consented to by all the members of a converting limited liability company.</span></p><p dir="ltr" class="s2069683Normal-000001"><span xml:space="preserve" class="s2069683DefaultParagraphFont">(b) Subject to ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-914"><span class="s2069683DefaultParagraphFont">47-34A-914</span></a><span xml:space="preserve" class="s2069683DefaultParagraphFont"> and any contractual rights, after a conversion is approved, and at any time before articles of conversion are delivered to the secretary of state for filing under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-908"><span class="s2069683DefaultParagraphFont">47-34A-908</span></a><span class="s2069683DefaultParagraphFont">, a converting limited liability company may amend the plan or abandon the conversion:</span></p><p dir="ltr" class="s2069683Normal-000002"><span class="s2069683DefaultParagraphFont">(1)����As provided in the plan; or</span></p><p dir="ltr" class="s2069683Normal-000002"><span class="s2069683DefaultParagraphFont">(2)����Except as otherwise prohibited in the plan, by the same consent as was required to approve the plan.</span></p><p dir="ltr" class="s2069683Normal"><span xml:space="preserve" class="s2069683000003"> </span></p><p dir="ltr" class="s2069683Normal"><span class="s2069683SCL">Source:</span><span xml:space="preserve" class="s2069683SCL-000004"> SL 1998, ch 272, ��907; SL 2013, ch 233, ��21.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083343Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083343SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083343CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083343StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083343DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083343StatuteNumber2 { margin-left: 1.25in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2083343StatuteNumber3 { margin-left: 1.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083343000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083343NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083343DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083343SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A-908 - Filings required for conversion--Effective date."><meta property="og:description" content="SDLRC Codified Law 47-34A-908 - Filings required for conversion--Effective date."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-34A-908"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083343Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-908" rel="noopener"><span class="s2083343SENU">47-34A-908</span></a><span xml:space="preserve" class="s2083343SENU">. </span><span xml:space="preserve" class="s2083343CL">Filings required for conversion--Effective date. </span></p><p dir="ltr" class="s2083343StatuteNumber1"><span class="s2083343DefaultParagraphFont">(a) After a plan of conversion is approved:</span></p><p dir="ltr" class="s2083343StatuteNumber2"><span xml:space="preserve" class="s2083343DefaultParagraphFont">(1)����A converting limited liability company shall deliver to the secretary of state for filing articles of conversion, which must be signed as provided in ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-205" rel="noopener"><span class="s2083343DefaultParagraphFont">47-34A-205</span></a><span xml:space="preserve" class="s2083343DefaultParagraphFont"> and must include:</span></p><p dir="ltr" class="s2083343StatuteNumber3"><span class="s2083343DefaultParagraphFont">(A)����A statement that the limited liability company has been converted into another organization;</span></p><p dir="ltr" class="s2083343StatuteNumber3"><span class="s2083343DefaultParagraphFont">(B)����The name and form of the organization and the jurisdiction of its governing statute;</span></p><p dir="ltr" class="s2083343StatuteNumber3"><span class="s2083343DefaultParagraphFont">(C)����The date the conversion is effective under the governing statute of the converted organization;</span></p><p dir="ltr" class="s2083343StatuteNumber3"><span class="s2083343DefaultParagraphFont">(D)����A statement that the conversion was approved as required by this chapter;</span></p><p dir="ltr" class="s2083343StatuteNumber3"><span class="s2083343DefaultParagraphFont">(E)����A statement that the conversion was approved as required by the governing statute of the converted organization; and</span></p><p dir="ltr" class="s2083343StatuteNumber3"><span xml:space="preserve" class="s2083343DefaultParagraphFont">(F)����If the converted organization is a foreign organization not authorized to transact business in this state, the street and mailing addresses of an office which the secretary of state may use for the purposes of ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-909" rel="noopener"><span class="s2083343DefaultParagraphFont">47-34A-909</span></a><span class="s2083343DefaultParagraphFont">(c); and</span></p><p dir="ltr" class="s2083343StatuteNumber2"><span xml:space="preserve" class="s2083343DefaultParagraphFont">(2)����If the converting organization is not a converting limited liability company, the converting organization shall deliver to the secretary of state for filing a certificate of organization, which must include, in addition to the information required by ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-203" rel="noopener"><span class="s2083343DefaultParagraphFont">47-34A-203</span></a><span class="s2083343DefaultParagraphFont">(a):</span></p><p dir="ltr" class="s2083343StatuteNumber3"><span class="s2083343DefaultParagraphFont">(A)����A statement that the converted organization was converted from another organization;</span></p><p dir="ltr" class="s2083343StatuteNumber3"><span class="s2083343DefaultParagraphFont">(B)����The name and form of that converting organization and the jurisdiction of its governing statute; and</span></p><p dir="ltr" class="s2083343StatuteNumber3"><span class="s2083343DefaultParagraphFont">(C)����A statement that the conversion was approved in a manner that complied with the converting organization's governing statute.</span></p><p dir="ltr" class="s2083343StatuteNumber1"><span class="s2083343DefaultParagraphFont">(b) A conversion becomes effective:</span></p><p dir="ltr" class="s2083343StatuteNumber2"><span class="s2083343DefaultParagraphFont">(1)����If the converted organization is a limited liability company, when the certificate of organization takes effect; and</span></p><p dir="ltr" class="s2083343StatuteNumber2"><span class="s2083343DefaultParagraphFont">(2)����If the converted organization is not a limited liability company, as provided by the governing statute of the converted organization.</span></p><p dir="ltr" class="s2083343Normal"><span xml:space="preserve" class="s2083343000000"> </span></p><p dir="ltr" class="s2083343NoIndent"><span xml:space="preserve" class="s2083343DefaultParagraphFont-000001">Source: </span><span class="s2083343SCL">SL 2010, ch 218, ��9; SL 2013, ch 233, ��22; SL 2021, ch 198, � 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069685Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069685SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069685CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069685Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069685DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069685Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069685Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069685000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069685SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069685SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069685Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-909"><span class="s2069685SENU">47-34A-909</span></a><span xml:space="preserve" class="s2069685SENU">.�</span><span class="s2069685CL">Effect of conversion.</span></p><p dir="ltr" class="s2069685Normal-000000"><span class="s2069685DefaultParagraphFont">(a) An organization that has been converted pursuant to this Article is for all purposes the same entity that existed before the conversion.</span></p><p dir="ltr" class="s2069685Normal-000001"><span class="s2069685DefaultParagraphFont">(b) When a conversion takes effect:</span></p><p dir="ltr" class="s2069685Normal-000002"><span class="s2069685DefaultParagraphFont">(1)����All property owned by the converting organization remains vested in the converted organization;</span></p><p dir="ltr" class="s2069685Normal-000002"><span class="s2069685DefaultParagraphFont">(2)����All debts, obligations, or other liabilities of the converting organization continue as debts, obligations, or other liabilities of the converted organization;</span></p><p dir="ltr" class="s2069685Normal-000002"><span class="s2069685DefaultParagraphFont">(3)����An action or proceeding pending by or against the converting organization may be continued as if the conversion had not occurred;</span></p><p dir="ltr" class="s2069685Normal-000002"><span class="s2069685DefaultParagraphFont">(4)����Except as prohibited by law other than this chapter, all of the rights, privileges, immunities, powers, and purposes of the converting organization remain vested in the converted organization;</span></p><p dir="ltr" class="s2069685Normal-000002"><span class="s2069685DefaultParagraphFont">(5)����Except as otherwise provided in the plan of conversion, the terms and conditions of the plan of conversion take effect; and</span></p><p dir="ltr" class="s2069685Normal-000002"><span xml:space="preserve" class="s2069685DefaultParagraphFont">(6)����Except as otherwise agreed, the conversion does not dissolve a converting limited liability company for the purposes of ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-801"><span class="s2069685DefaultParagraphFont">47-34A-801</span></a><span xml:space="preserve" class="s2069685DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-812"><span class="s2069685DefaultParagraphFont">47-34A-812</span></a><span class="s2069685DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2069685Normal-000001"><span class="s2069685DefaultParagraphFont">(c) A converted organization that is a foreign organization consents to the jurisdiction of the courts of this state to enforce any debt, obligation, or other liability for which the converting limited liability company is liable if, before the conversion, the converting limited liability company was subject to suit in this state on the debt, obligation, or other liability. A converted organization that is a foreign organization and not authorized to transact business in this state appoints the secretary of state as its agent for service of process for purposes of enforcing a debt, obligation, or other liability under this subsection. Service on the secretary of state under this subsection must be made in the same manner and has the same consequences as set forth in this chapter.</span></p><p dir="ltr" class="s2069685Normal"><span xml:space="preserve" class="s2069685000003"> </span></p><p dir="ltr" class="s2069685Normal"><span class="s2069685SCL">Source:</span><span xml:space="preserve" class="s2069685SCL-000004"> SL 2010, ch 218, ��10; SL 2013, ch 233, ��23.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069686Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069686SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069686CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069686Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069686DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069686Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069686Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069686000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069686SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069686SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069686Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-910"><span class="s2069686SENU">47-34A-910</span></a><span xml:space="preserve" class="s2069686SENU">.�</span><span class="s2069686CL">Domestication.</span></p><p dir="ltr" class="s2069686Normal-000000"><span xml:space="preserve" class="s2069686DefaultParagraphFont">(a) A foreign limited liability company may become a limited liability company pursuant to ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-911"><span class="s2069686DefaultParagraphFont">47-34A-911</span></a><span xml:space="preserve" class="s2069686DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-913"><span class="s2069686DefaultParagraphFont">47-34A-913</span></a><span class="s2069686DefaultParagraphFont">, inclusive, and a plan of domestication, if:</span></p><p dir="ltr" class="s2069686Normal-000001"><span class="s2069686DefaultParagraphFont">(1)����The foreign limited liability company's governing statute authorizes the domestication;</span></p><p dir="ltr" class="s2069686Normal-000001"><span class="s2069686DefaultParagraphFont">(2)����The domestication is not prohibited by the law of the jurisdiction that enacted the governing statute; and</span></p><p dir="ltr" class="s2069686Normal-000001"><span class="s2069686DefaultParagraphFont">(3)����The foreign limited liability company complies with its governing statute in effecting the domestication.</span></p><p dir="ltr" class="s2069686Normal-000002"><span xml:space="preserve" class="s2069686DefaultParagraphFont">(b) A limited liability company may become a foreign limited liability company pursuant to ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-911"><span class="s2069686DefaultParagraphFont">47-34A-911</span></a><span xml:space="preserve" class="s2069686DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-913"><span class="s2069686DefaultParagraphFont">47-34A-913</span></a><span class="s2069686DefaultParagraphFont">, inclusive, and a plan of domestication, if:</span></p><p dir="ltr" class="s2069686Normal-000001"><span class="s2069686DefaultParagraphFont">(1)����The foreign limited liability company's governing statute authorizes the domestication;</span></p><p dir="ltr" class="s2069686Normal-000001"><span class="s2069686DefaultParagraphFont">(2)����The domestication is not prohibited by the law of the jurisdiction that enacted the governing statute; and</span></p><p dir="ltr" class="s2069686Normal-000001"><span class="s2069686DefaultParagraphFont">(3)����The foreign limited liability company complies with its governing statute in effecting the domestication.</span></p><p dir="ltr" class="s2069686Normal-000002"><span class="s2069686DefaultParagraphFont">(c) A plan of domestication must be in a record and must include:</span></p><p dir="ltr" class="s2069686Normal-000001"><span class="s2069686DefaultParagraphFont">(1)����The name of the domesticating company before domestication and the jurisdiction of its governing statute;</span></p><p dir="ltr" class="s2069686Normal-000001"><span class="s2069686DefaultParagraphFont">(2)����The name of the domesticated company after domestication and the jurisdiction of its governing statute;</span></p><p dir="ltr" class="s2069686Normal-000001"><span class="s2069686DefaultParagraphFont">(3)����The terms and conditions of the domestication, including the manner and basis for converting interests in the domesticating company into any combination of money, interests in the domesticated company, and other consideration; and</span></p><p dir="ltr" class="s2069686Normal-000001"><span class="s2069686DefaultParagraphFont">(4)����The organizational documents of the domesticated company that are, or are proposed to be, in a record.</span></p><p dir="ltr" class="s2069686Normal"><span xml:space="preserve" class="s2069686000003"> </span></p><p dir="ltr" class="s2069686Normal"><span class="s2069686SCL">Source:</span><span xml:space="preserve" class="s2069686SCL-000004"> SL 2010, ch 218, ��11; SL 2013, ch 233, ��24.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069687Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069687SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069687CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069687Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069687DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069687Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069687Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069687000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069687SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069687SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069687Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-911"><span class="s2069687SENU">47-34A-911</span></a><span xml:space="preserve" class="s2069687SENU">.�</span><span class="s2069687CL">Action on plan of domestication by domesticating limited liability company.</span></p><p dir="ltr" class="s2069687Normal-000000"><span class="s2069687DefaultParagraphFont">(a) A plan of domestication must be consented to:</span></p><p dir="ltr" class="s2069687Normal-000001"><span xml:space="preserve" class="s2069687DefaultParagraphFont">(1)����By all the members, subject to ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-912"><span class="s2069687DefaultParagraphFont">47-34A-912</span></a><span class="s2069687DefaultParagraphFont">, if the domesticating company is a limited liability company; and</span></p><p dir="ltr" class="s2069687Normal-000001"><span class="s2069687DefaultParagraphFont">(2)����As provided in the domesticating company's governing statute, if the company is a foreign limited liability company.</span></p><p dir="ltr" class="s2069687Normal-000002"><span xml:space="preserve" class="s2069687DefaultParagraphFont">(b) Subject to any contractual rights, after a domestication is approved, and at any time before articles of domestication are delivered to the secretary of state for filing under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-912"><span class="s2069687DefaultParagraphFont">47-34A-912</span></a><span class="s2069687DefaultParagraphFont">, a domesticating limited liability company may amend the plan or abandon the domestication:</span></p><p dir="ltr" class="s2069687Normal-000001"><span class="s2069687DefaultParagraphFont">(1)����As provided in the plan; or</span></p><p dir="ltr" class="s2069687Normal-000001"><span class="s2069687DefaultParagraphFont">(2)����Except as otherwise prohibited in the plan, by the same consent as was required to approve the plan.</span></p><p dir="ltr" class="s2069687Normal"><span xml:space="preserve" class="s2069687000003"> </span></p><p dir="ltr" class="s2069687Normal"><span class="s2069687SCL">Source:</span><span xml:space="preserve" class="s2069687SCL-000004"> SL 2010, ch 218, ��12; SL 2013, ch 233, ��25.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sd5727ff914f646bdb1df2eb99b4a548cNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sd5727ff914f646bdb1df2eb99b4a548cSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sd5727ff914f646bdb1df2eb99b4a548cCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sd5727ff914f646bdb1df2eb99b4a548cStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sd5727ff914f646bdb1df2eb99b4a548cStatuteNumber1 { margin-left: 0.75in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.sd5727ff914f646bdb1df2eb99b4a548c000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sd5727ff914f646bdb1df2eb99b4a548cNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sd5727ff914f646bdb1df2eb99b4a548cSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A-912 - Filings required for domestication--Effective date."><meta property="og:description" content="SDLRC Codified Law 47-34A-912 - Filings required for domestication--Effective date."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-34A-912"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cNormal"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-912" rel="noopener"><span class="sd5727ff914f646bdb1df2eb99b4a548cSENU">47-34A-912</span></a><span xml:space="preserve" class="sd5727ff914f646bdb1df2eb99b4a548cSENU">. </span><span class="sd5727ff914f646bdb1df2eb99b4a548cCL">Filings required for domestication--Effective date.</span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cStatute"><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">(a)����After a plan of domestication is approved, a domesticating company shall deliver to the secretary of state for filing articles of domestication, which must include:</span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cStatuteNumber1"><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">(1)����A statement, as the case may be, that the company has been domesticated from or into another jurisdiction;</span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cStatuteNumber1"><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">(2)����The name of the domesticating company and the jurisdiction of its governing statute;</span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cStatuteNumber1"><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">(3)����The name of the domesticated company and the jurisdiction of its governing statute;</span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cStatuteNumber1"><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">(4)����The date the domestication is effective under the governing statute of the domesticated company;</span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cStatuteNumber1"><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">(5)����If the domesticating company was a limited liability company, a statement that the domestication was approved as required by this chapter;</span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cStatuteNumber1"><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">(6)����If the domesticating company was a foreign limited liability company, a statement that the domestication was approved as required by the governing statute of the other jurisdiction;</span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cStatuteNumber1"><span xml:space="preserve" class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">(7)����If the domesticated company was a foreign limited liability company not authorized to transact business in this state, the street and mailing addresses of an office that the secretary of state may use for the purposes of ��</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-913" rel="noopener"><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">47-34A-913</span></a><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">(b); and</span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cStatuteNumber1"><span xml:space="preserve" class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">(8)����If the domesticated company was a foreign limited liability company, articles of organization that comply with the requirements of ��</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-203" rel="noopener"><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">47-34A-203</span></a><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">.</span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cStatute"><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">(b)����A domestication becomes effective:</span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cStatuteNumber1"><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">(1)����When the certificate of organization takes effect, if the domesticated company is a limited liability company; and</span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cStatuteNumber1"><span class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont">(2)����According to the governing statute of the domesticated company, if the domesticated organization is a foreign limited liability company.</span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cNormal"><span xml:space="preserve" class="sd5727ff914f646bdb1df2eb99b4a548c000000"> </span></p><p dir="ltr" class="sd5727ff914f646bdb1df2eb99b4a548cNoIndent"><span xml:space="preserve" class="sd5727ff914f646bdb1df2eb99b4a548cDefaultParagraphFont-000001">Source: </span><span class="sd5727ff914f646bdb1df2eb99b4a548cSCL">SL 2010, ch 218, ��13; SL 2013, ch 233, ��26; SL 2022, ch 168, ��1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069689Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069689SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069689CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069689Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069689DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069689Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069689Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069689000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069689SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069689SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069689Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-913"><span class="s2069689SENU">47-34A-913</span></a><span xml:space="preserve" class="s2069689SENU">.�</span><span class="s2069689CL">Effect of domestication.</span></p><p dir="ltr" class="s2069689Normal-000000"><span class="s2069689DefaultParagraphFont">(a) When a domestication takes effect:</span></p><p dir="ltr" class="s2069689Normal-000001"><span class="s2069689DefaultParagraphFont">(1)����The domesticated company is for all purposes the company that existed before the domestication;</span></p><p dir="ltr" class="s2069689Normal-000001"><span class="s2069689DefaultParagraphFont">(2)����All property owned by the domesticating company remains vested in the domesticated company;</span></p><p dir="ltr" class="s2069689Normal-000001"><span class="s2069689DefaultParagraphFont">(3)����All debts, obligations, or other liabilities of the domesticating company continue as debts, obligations, or other liabilities of the domesticated company;</span></p><p dir="ltr" class="s2069689Normal-000001"><span class="s2069689DefaultParagraphFont">(4)����An action or proceeding pending by or against a domesticating company may be continued as if the domestication had not occurred;</span></p><p dir="ltr" class="s2069689Normal-000001"><span class="s2069689DefaultParagraphFont">(5)����Except as prohibited by other law, all of the rights, privileges, immunities, powers, and purposes of the domesticating company remain vested in the domesticated company;</span></p><p dir="ltr" class="s2069689Normal-000001"><span class="s2069689DefaultParagraphFont">(6)����Except as otherwise provided in the plan of domestication, the terms and conditions of the plan of domestication take effect; and</span></p><p dir="ltr" class="s2069689Normal-000001"><span xml:space="preserve" class="s2069689DefaultParagraphFont">(7)����Except as otherwise agreed, the domestication does not dissolve a domesticating limited liability company for the purposes of ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-801"><span class="s2069689DefaultParagraphFont">47-34A-801</span></a><span xml:space="preserve" class="s2069689DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-812"><span class="s2069689DefaultParagraphFont">47-34A-812</span></a><span class="s2069689DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2069689Normal-000002"><span class="s2069689DefaultParagraphFont">(b) A domesticated company that is a foreign limited liability company consents to the jurisdiction of the courts of this state to enforce any debt, obligation, or other liability owed by the domesticating company, if, before the domestication, the domesticating company was subject to suit in this state on the debt, obligation, or other liability. A domesticated company that is a foreign limited liability company and not authorized to transact business in this state appoints the secretary of state as its agent for service of process for purposes of enforcing a debt, obligation, or other liability under this subsection. Service on the secretary of state under this subsection must be made in the same manner and has the same consequences as set forth in this chapter.</span></p><p dir="ltr" class="s2069689Normal-000002"><span xml:space="preserve" class="s2069689DefaultParagraphFont">(c) If a limited liability company has adopted and approved a plan of domestication under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-910"><span class="s2069689DefaultParagraphFont">47-34A-910</span></a><span xml:space="preserve" class="s2069689DefaultParagraphFont"> providing for the company to be domesticated in a foreign jurisdiction, a statement surrendering the company's certificate of organization must be delivered to the secretary of state for filing setting forth:</span></p><p dir="ltr" class="s2069689Normal-000001"><span class="s2069689DefaultParagraphFont">(1)����The name of the company;</span></p><p dir="ltr" class="s2069689Normal-000001"><span class="s2069689DefaultParagraphFont">(2)����A statement that the certificate of organization is being surrendered in connection with the domestication of the company in a foreign jurisdiction;</span></p><p dir="ltr" class="s2069689Normal-000001"><span class="s2069689DefaultParagraphFont">(3)����A statement the domestication was approved as required by this chapter; and</span></p><p dir="ltr" class="s2069689Normal-000001"><span class="s2069689DefaultParagraphFont">(4)����The jurisdiction of formation of the domesticated foreign limited liability company.</span></p><p dir="ltr" class="s2069689Normal"><span xml:space="preserve" class="s2069689000003"> </span></p><p dir="ltr" class="s2069689Normal"><span class="s2069689SCL">Source:</span><span xml:space="preserve" class="s2069689SCL-000004"> SL 2013, ch 233, ��27.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069690Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069690SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069690CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069690Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069690DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069690Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069690Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069690000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069690SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069690SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069690Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-914"><span class="s2069690SENU">47-34A-914</span></a><span xml:space="preserve" class="s2069690SENU">.�</span><span class="s2069690CL">Restrictions on approval of mergers, conversions, and domestications.</span></p><p dir="ltr" class="s2069690Normal-000000"><span class="s2069690DefaultParagraphFont">(a) If a member of a constituent, converting, or domesticating limited liability company will have personal liability with respect to a surviving, converted, or domesticated organization, approval or amendment of a plan of merger, conversion, or domestication is ineffective without the consent of the member, unless:</span></p><p dir="ltr" class="s2069690Normal-000001"><span class="s2069690DefaultParagraphFont">(1)����The company's operating agreement provides for approval of a merger, conversion, or domestication with the consent of fewer than all the members; and</span></p><p dir="ltr" class="s2069690Normal-000001"><span class="s2069690DefaultParagraphFont">(2)����The member has consented to the provision of the operating agreement.</span></p><p dir="ltr" class="s2069690Normal-000002"><span class="s2069690DefaultParagraphFont">(b) A member does not give the consent required by subsection (a) merely by consenting to a provision of the operating agreement that permits the operating agreement to be amended with the consent of fewer than all the members.</span></p><p dir="ltr" class="s2069690Normal"><span xml:space="preserve" class="s2069690000003"> </span></p><p dir="ltr" class="s2069690Normal"><span class="s2069690SCL">Source:</span><span xml:space="preserve" class="s2069690SCL-000004"> SL 2013, ch 233, ��28.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069691Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069691SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069691CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069691Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069691DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069691000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069691SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069691SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069691Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-915"><span class="s2069691SENU">47-34A-915</span></a><span xml:space="preserve" class="s2069691SENU">.�</span><span class="s2069691CL">Article not exclusive.</span></p><p dir="ltr" class="s2069691Normal-000000"><span xml:space="preserve" class="s2069691DefaultParagraphFont">The proceedings authorized under ���</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-901"><span class="s2069691DefaultParagraphFont">47-34A-901</span></a><span xml:space="preserve" class="s2069691DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-914"><span class="s2069691DefaultParagraphFont">47-34A-914</span></a><span class="s2069691DefaultParagraphFont">, inclusive, do not preclude an entity from being merged, converted, or domesticated under law other than these provisions.</span></p><p dir="ltr" class="s2069691Normal"><span xml:space="preserve" class="s2069691000001"> </span></p><p dir="ltr" class="s2069691Normal"><span class="s2069691SCL">Source:</span><span xml:space="preserve" class="s2069691SCL-000002"> SL 2013, ch 233, ��29.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069692Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069692SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069692CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069692Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069692DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069692Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069692Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069692000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069692SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069692SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069692Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1001"><span class="s2069692SENU">47-34A-1001</span></a><span xml:space="preserve" class="s2069692SENU">.�</span><span class="s2069692CL">Law governing foreign limited liability companies.</span></p><p dir="ltr" class="s2069692Normal-000000"><span class="s2069692DefaultParagraphFont">(a) The law of the state or other jurisdiction under which a foreign limited liability company is formed governs:</span></p><p dir="ltr" class="s2069692Normal-000001"><span class="s2069692DefaultParagraphFont">(1)����The internal affairs of the company; and</span></p><p dir="ltr" class="s2069692Normal-000001"><span class="s2069692DefaultParagraphFont">(2)����The liability of a member as member and a manager as manager for the debts, obligations, or other liabilities of the company.</span></p><p dir="ltr" class="s2069692Normal-000002"><span class="s2069692DefaultParagraphFont">(b) A foreign limited liability company may not be denied a certificate of authority by reason of any difference between the law of the jurisdiction under which the company is formed and the law of this state.</span></p><p dir="ltr" class="s2069692Normal-000002"><span class="s2069692DefaultParagraphFont">(c) A certificate of authority does not authorize a foreign limited liability company to engage in any business or exercise any power that a limited liability company may not engage in or exercise in this state.</span></p><p dir="ltr" class="s2069692Normal"><span xml:space="preserve" class="s2069692000003"> </span></p><p dir="ltr" class="s2069692Normal"><span class="s2069692SCL">Source:</span><span xml:space="preserve" class="s2069692SCL-000004"> SL 1998, ch 272, ��1001; SL 2013, ch 233, ��30.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2084311Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2084311SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2084311CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2084311DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2084311Normal-000000 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } a.s2084311000001 { text-decoration: none; } p.s2084311StatuteNumber1 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2084311000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2084311DefaultParagraphFont-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2084311SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A-1002 - Application for certificate of authority."><meta property="og:description" content="SDLRC Codified Law 47-34A-1002 - Application for certificate of authority."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-34A-1002"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2084311Normal"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1002" rel="noopener"><span class="s2084311SENU">47-34A-1002</span></a><span xml:space="preserve" class="s2084311SENU">. </span><span class="s2084311CL">Application for certificate of authority.</span></p><p dir="ltr" class="s2084311Normal"><span class="s2084311DefaultParagraphFont">(a) A foreign limited liability company may not do business in this state until it obtains a certificate of authority from the secretary of state.</span></p><p dir="ltr" class="s2084311Normal-000000"><span xml:space="preserve" class="s2084311DefaultParagraphFont">(b) A foreign limited liability company may apply for a certificate of authority to transact business in this state by delivering an application to the secretary of state for filing. Delivery may be made by electronic transmission if and to the extent permitted by the Office of the Secretary of State. If the document is filed in typewritten or printed form </span><a id="_pagenumber9" class="s2084311000001" rel="noopener"></a><span class="s2084311DefaultParagraphFont">and not transmitted electronically, the Office of the Secretary of State may require one exact or conformed copy to be delivered with the document. The application must state:</span></p><p dir="ltr" class="s2084311StatuteNumber1"><span xml:space="preserve" class="s2084311DefaultParagraphFont">(1)����The name of the company and, if the name does not comply with ��</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-105" rel="noopener"><span class="s2084311DefaultParagraphFont">47-34A-105</span></a><span xml:space="preserve" class="s2084311DefaultParagraphFont">, an alternate name adopted pursuant to ��</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-105" rel="noopener"><span class="s2084311DefaultParagraphFont">47-34A-105</span></a><span class="s2084311DefaultParagraphFont">;</span></p><p dir="ltr" class="s2084311StatuteNumber1"><span class="s2084311DefaultParagraphFont">(2)����The name of the state or other jurisdiction under whose law the company is formed;</span></p><p dir="ltr" class="s2084311StatuteNumber1"><span class="s2084311DefaultParagraphFont">(3)����The street and mailing addresses of the company's principal office and if the law of the jurisdiction under which the company is formed requires the company to maintain an office in that jurisdiction, the street and mailing address of the required office;</span></p><p dir="ltr" class="s2084311StatuteNumber1"><span xml:space="preserve" class="s2084311DefaultParagraphFont">(4)����If the limited liability company is authorized to establish one or more series, the matters required under ��</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-702" rel="noopener"><span class="s2084311DefaultParagraphFont">47-34A-702</span></a><span class="s2084311DefaultParagraphFont">; and</span></p><p dir="ltr" class="s2084311StatuteNumber1"><span class="s2084311DefaultParagraphFont">(5)����The name and street and mailing address of the company's initial agent for service of process in this state.</span></p><p dir="ltr" class="s2084311Normal-000000"><span xml:space="preserve" class="s2084311DefaultParagraphFont">(c) A foreign limited liability company shall deliver with a completed application under subsection (a) a certificate of existence or a record of similar import signed by the secretary of state or other official having custody of the company's publicly filed records in the state or other jurisdiction under whose law the company is formed together with the fees required by ��</span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-212" rel="noopener"><span class="s2084311DefaultParagraphFont">47-34A-212</span></a><span class="s2084311DefaultParagraphFont">, and all other fees.</span></p><p dir="ltr" class="s2084311Normal"><span xml:space="preserve" class="s2084311000002"> </span></p><p dir="ltr" class="s2084311Normal"><span xml:space="preserve" class="s2084311DefaultParagraphFont-000003">Source: </span><span class="s2084311SCL">SL 1998, ch 272, � 1002; SL 2008, ch 275, � 79; SL 2012, ch 222, � 15; SL 2013, ch 233, � 31; SL 2020, ch 200, � 10, eff. Nov. 15, 2020.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069694Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069694SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069694CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069694Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069694DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069694Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069694Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069694000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069694SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069694SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069694Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1003"><span class="s2069694SENU">47-34A-1003</span></a><span xml:space="preserve" class="s2069694SENU">.�</span><span class="s2069694CL">Activities not constituting transacting business.</span></p><p dir="ltr" class="s2069694Normal-000000"><span class="s2069694DefaultParagraphFont">(a) Activities of a foreign limited liability company which do not constitute transacting business in this state within the meaning of this article include:</span></p><p dir="ltr" class="s2069694Normal-000001"><span class="s2069694DefaultParagraphFont">(1)����Maintaining, defending, or settling an action or proceeding;</span></p><p dir="ltr" class="s2069694Normal-000001"><span class="s2069694DefaultParagraphFont">(2)����Carrying on any activity concerning its internal affairs, including holding meetings of its members or managers;</span></p><p dir="ltr" class="s2069694Normal-000001"><span class="s2069694DefaultParagraphFont">(3)����Maintaining accounts in financial institutions;</span></p><p dir="ltr" class="s2069694Normal-000001"><span class="s2069694DefaultParagraphFont">(4)����Maintaining offices or agencies for the transfer, exchange, and registration of the company's own securities or maintaining trustees or depositories with respect to those securities;</span></p><p dir="ltr" class="s2069694Normal-000001"><span class="s2069694DefaultParagraphFont">(5)����Selling through independent contractors;</span></p><p dir="ltr" class="s2069694Normal-000001"><span class="s2069694DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2069694Normal-000001"><span class="s2069694DefaultParagraphFont">(7)����Creating or acquiring indebtedness, mortgages, or security interests in real or personal property;</span></p><p dir="ltr" class="s2069694Normal-000001"><span class="s2069694DefaultParagraphFont">(8)����Securing or collecting debts or enforcing mortgages or other security interests in property securing the debts and holding, protecting, or maintaining property so acquired;</span></p><p dir="ltr" class="s2069694Normal-000001"><span class="s2069694DefaultParagraphFont">(9)����Conducting an isolated transaction that is completed within thirty days and is not in the course of similar transactions; and</span></p><p dir="ltr" class="s2069694Normal-000001"><span class="s2069694DefaultParagraphFont">(10)����Transacting business in interstate commerce.</span></p><p dir="ltr" class="s2069694Normal-000002"><span class="s2069694DefaultParagraphFont">(b) For purposes of this article, the ownership in this state of income-producing real property or tangible personal property, other than property excluded under subsection (a), constitutes transacting business in this state.</span></p><p dir="ltr" class="s2069694Normal-000002"><span class="s2069694DefaultParagraphFont">(c) This section does not apply in determining the contacts or activities that may subject a foreign limited liability company to service of process, taxation, or regulation under any law of this state other than this chapter.</span></p><p dir="ltr" class="s2069694Normal"><span xml:space="preserve" class="s2069694000003"> </span></p><p dir="ltr" class="s2069694Normal"><span class="s2069694SCL">Source:</span><span xml:space="preserve" class="s2069694SCL-000004"> SL 1998, ch 272, ��1003; SL 2013, ch 233, ��32.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069695Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069695SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069695CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069695Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069695DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069695000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069695SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069695SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069695Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1004"><span class="s2069695SENU">47-34A-1004</span></a><span xml:space="preserve" class="s2069695SENU">.�</span><span class="s2069695CL">Filing of certificate of authority.</span></p><p dir="ltr" class="s2069695Normal-000000"><span class="s2069695DefaultParagraphFont">Unless the secretary of state determines that an application for a certificate of authority does not comply with the filing requirements of this chapter, the secretary of state, upon payment of all filing fees, shall file the application of a foreign limited liability company, prepare, sign, and file a certificate of authority to transact business in this state, and send a copy of the filed certificate, together with a receipt for the fees to the company or its representative.</span></p><p dir="ltr" class="s2069695Normal"><span xml:space="preserve" class="s2069695000001"> </span></p><p dir="ltr" class="s2069695Normal"><span class="s2069695SCL">Source:</span><span xml:space="preserve" class="s2069695SCL-000002"> SL 1998, ch 272, ��1004; SL 2013, ch 233, ��33.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069696Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069696SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069696CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069696Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069696DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069696Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069696000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069696SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069696SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069696Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1005"><span class="s2069696SENU">47-34A-1005</span></a><span xml:space="preserve" class="s2069696SENU">.�</span><span class="s2069696CL">Noncomplying name of foreign limited liability company.</span></p><p dir="ltr" class="s2069696Normal-000000"><span xml:space="preserve" class="s2069696DefaultParagraphFont">(a) A foreign limited liability company whose name does not comply with ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-105"><span class="s2069696DefaultParagraphFont">47-34A-105</span></a><span xml:space="preserve" class="s2069696DefaultParagraphFont"> may not obtain a certificate of authority until it adopts, for the purpose of transacting business in this state, an alternate name that complies with ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-105"><span class="s2069696DefaultParagraphFont">47-34A-105</span></a><span xml:space="preserve" class="s2069696DefaultParagraphFont">. A foreign limited liability company that adopts an alternate name under this subsection and obtains a certificate of authority with the alternate name need not comply with chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-11"><span class="s2069696DefaultParagraphFont">37-11</span></a><span xml:space="preserve" class="s2069696DefaultParagraphFont"> or ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-105"><span class="s2069696DefaultParagraphFont">47-34A-105</span></a><span xml:space="preserve" class="s2069696DefaultParagraphFont">. After obtaining a certificate of authority with an alternate name, a foreign limited liability company shall transact business in this state under the alternate name unless the company is authorized under chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-11"><span class="s2069696DefaultParagraphFont">37-11</span></a><span xml:space="preserve" class="s2069696DefaultParagraphFont"> or ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-105"><span class="s2069696DefaultParagraphFont">47-34A-105</span></a><span xml:space="preserve" class="s2069696DefaultParagraphFont"> to transact business in this state under another name.</span></p><p dir="ltr" class="s2069696Normal-000001"><span xml:space="preserve" class="s2069696DefaultParagraphFont">(b) If a foreign limited liability company authorized to transact business in this state changes its name to one that does not comply with ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-105"><span class="s2069696DefaultParagraphFont">47-34A-105</span></a><span xml:space="preserve" class="s2069696DefaultParagraphFont">, it may not thereafter transact business in this state until it complies with subsection (a) and obtains an amended certificate of authority. </span></p><p dir="ltr" class="s2069696Normal"><span xml:space="preserve" class="s2069696000002"> </span></p><p dir="ltr" class="s2069696Normal"><span class="s2069696SCL">Source:</span><span xml:space="preserve" class="s2069696SCL-000003"> SL 1998, ch 272, ��1005; SL 2013, ch 233, ��34.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069697Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069697SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069697CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069697Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069697DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069697Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069697Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069697000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069697SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069697SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069697Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1006"><span class="s2069697SENU">47-34A-1006</span></a><span xml:space="preserve" class="s2069697SENU">.�</span><span class="s2069697CL">Revocation of certificate of authority.</span></p><p dir="ltr" class="s2069697Normal-000000"><span class="s2069697DefaultParagraphFont">(a) A certificate of authority of a foreign limited liability company to transact business in this state may be revoked by the secretary of state in the manner provided in subsections (b) and (c) if the company does not:</span></p><p dir="ltr" class="s2069697Normal-000001"><span class="s2069697DefaultParagraphFont">(1)����Pay, within sixty days after the due date, any fee, tax, or penalty due to the secretary of state under this chapter or law other than this chapter;</span></p><p dir="ltr" class="s2069697Normal-000001"><span xml:space="preserve" class="s2069697DefaultParagraphFont">(2)����Deliver, within sixty days after the due date, its annual report required under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-211"><span class="s2069697DefaultParagraphFont">47-34A-211</span></a><span class="s2069697DefaultParagraphFont">;</span></p><p dir="ltr" class="s2069697Normal-000001"><span class="s2069697DefaultParagraphFont">(3)����Appoint and maintain an agent for service of process as required by South Dakota law; or</span></p><p dir="ltr" class="s2069697Normal-000001"><span class="s2069697DefaultParagraphFont">(4)����Deliver for filing a statement of a change within thirty days after a change has occurred in the name or address of the agent.</span></p><p dir="ltr" class="s2069697Normal-000002"><span class="s2069697DefaultParagraphFont">(b) To revoke a certificate of authority of a foreign limited liability company, the secretary of state must prepare, sign, and file a notice of revocation and send a copy to the company's agent for service of process in this state, or if the company does not appoint and maintain a proper agent in this state, to the company's designated office. The notice must state:</span></p><p dir="ltr" class="s2069697Normal-000001"><span class="s2069697DefaultParagraphFont">(1)����The revocation's effective date, which must be at least sixty days after the date the secretary of state sends the copy; and</span></p><p dir="ltr" class="s2069697Normal-000001"><span class="s2069697DefaultParagraphFont">(2)����The grounds for revocation under subsection (a).</span></p><p dir="ltr" class="s2069697Normal-000002"><span class="s2069697DefaultParagraphFont">(c) The authority of a foreign limited liability company to transact business in this state ceases on the effective date of the notice of revocation unless before that date the company cures each ground for revocation stated in the notice filed under subsection (b). If the company cures each ground, the secretary of state shall file a record so stating.</span></p><p dir="ltr" class="s2069697Normal"><span xml:space="preserve" class="s2069697000003"> </span></p><p dir="ltr" class="s2069697Normal"><span class="s2069697SCL">Source:</span><span xml:space="preserve" class="s2069697SCL-000004"> SL 1998, ch 272, ��1006; SL 2008, ch 275, ��80; SL 2013, ch 233, ��35.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069698Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069698SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069698CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069698Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069698DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069698000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069698SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069698SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069698Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1007"><span class="s2069698SENU">47-34A-1007</span></a><span xml:space="preserve" class="s2069698SENU">.�</span><span class="s2069698CL">Cancellation of certificate of authority.</span></p><p dir="ltr" class="s2069698Normal-000000"><span class="s2069698DefaultParagraphFont">To cancel its certificate of authority to transact business in this state, a foreign limited liability company must deliver to the secretary of state for filing a notice of cancellation stating the name of the company and that the company desires to cancel its certificate of authority. The certificate of authority is cancelled when the notice becomes effective.</span></p><p dir="ltr" class="s2069698Normal"><span xml:space="preserve" class="s2069698000001"> </span></p><p dir="ltr" class="s2069698Normal"><span class="s2069698SCL">Source:</span><span xml:space="preserve" class="s2069698SCL-000002"> SL 1998, ch 272, ��1007; SL 2012, ch 222, ��16; SL 2013, ch 233, ��36.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069699Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069699SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069699CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069699Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069699DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069699Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069699000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069699SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069699SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069699Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1008"><span class="s2069699SENU">47-34A-1008</span></a><span xml:space="preserve" class="s2069699SENU">.�</span><span class="s2069699CL">Effect of failure to obtain certificate of authority.</span></p><p dir="ltr" class="s2069699Normal-000000"><span class="s2069699DefaultParagraphFont">(a) A foreign limited liability company transacting business in this state may not maintain an action or proceeding in this state unless it has a certificate of authority to transact business in this state.</span></p><p dir="ltr" class="s2069699Normal-000001"><span class="s2069699DefaultParagraphFont">(b) The failure of a foreign limited liability company to have a certificate of authority to transact business in this state does not impair the validity of a contract or act of the company or prevent the foreign limited liability company from defending an action or proceeding in this state.</span></p><p dir="ltr" class="s2069699Normal-000001"><span class="s2069699DefaultParagraphFont">(c) A member or manager of a foreign limited liability company is not liable for the debt, obligations, or other liabilities of the company solely because the company transacted business in that state without a certificate of authority.</span></p><p dir="ltr" class="s2069699Normal-000001"><span class="s2069699DefaultParagraphFont">(d) If a foreign limited liability company transacts business in this state without a certificate of authority or cancels its certificate of authority, it appoints the secretary of state as its agent for service of process for rights of actions arising out of the transaction of business in this state.</span></p><p dir="ltr" class="s2069699Normal"><span xml:space="preserve" class="s2069699000002"> </span></p><p dir="ltr" class="s2069699Normal"><span class="s2069699SCL">Source:</span><span xml:space="preserve" class="s2069699SCL-000003"> SL 1998, ch 272, ��1008; SL 2013, ch 233, ��37.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069700Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069700SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069700CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069700Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069700DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069700000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069700SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069700SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069700Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1009"><span class="s2069700SENU">47-34A-1009</span></a><span xml:space="preserve" class="s2069700SENU">.�</span><span class="s2069700CL">Action by attorney general.</span></p><p dir="ltr" class="s2069700Normal-000000"><span class="s2069700DefaultParagraphFont">The attorney general may maintain an action to enjoin a foreign limited liability company from transacting business in this state in violation of this article.</span></p><p dir="ltr" class="s2069700Normal"><span xml:space="preserve" class="s2069700000001"> </span></p><p dir="ltr" class="s2069700Normal"><span class="s2069700SCL">Source:</span><span xml:space="preserve" class="s2069700SCL-000002"> SL 1998, ch 272, ��1009; SL 2013, ch 233, ��38.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sd8042211c20c4dcda2ff809150cde715Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sd8042211c20c4dcda2ff809150cde715SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sd8042211c20c4dcda2ff809150cde715CatchLine { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sd8042211c20c4dcda2ff809150cde715000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sd8042211c20c4dcda2ff809150cde715DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sd8042211c20c4dcda2ff809150cde715SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A-1010 - Repealed."><meta property="og:description" content="SDLRC Codified Law 47-34A-1010 - Repealed."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-34A-1010"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="sd8042211c20c4dcda2ff809150cde715Normal"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1010" rel="noopener"><span class="sd8042211c20c4dcda2ff809150cde715SENU">47-34A-1010</span></a><span xml:space="preserve" class="sd8042211c20c4dcda2ff809150cde715SENU">. </span><span class="sd8042211c20c4dcda2ff809150cde715CatchLine">Repealed.</span></p><p dir="ltr" class="sd8042211c20c4dcda2ff809150cde715Normal"><span xml:space="preserve" class="sd8042211c20c4dcda2ff809150cde715000000"> </span></p><p dir="ltr" class="sd8042211c20c4dcda2ff809150cde715Normal"><span xml:space="preserve" class="sd8042211c20c4dcda2ff809150cde715DefaultParagraphFont">Source: </span><span class="sd8042211c20c4dcda2ff809150cde715SCL">SL 2010, ch 218, ��2; SL 2022, ch 168, � 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s8bdab430f1da4d189cd267e49f8ea1f3Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s8bdab430f1da4d189cd267e49f8ea1f3SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s8bdab430f1da4d189cd267e49f8ea1f3DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s8bdab430f1da4d189cd267e49f8ea1f3000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s8bdab430f1da4d189cd267e49f8ea1f3SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A-1011 - Repealed."><meta property="og:description" content="SDLRC Codified Law 47-34A-1011 - Repealed."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-34A-1011"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s8bdab430f1da4d189cd267e49f8ea1f3Normal"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1011" rel="noopener"><span class="s8bdab430f1da4d189cd267e49f8ea1f3SENU">47-34A-1011</span></a><span xml:space="preserve" class="s8bdab430f1da4d189cd267e49f8ea1f3SENU">. </span><span class="s8bdab430f1da4d189cd267e49f8ea1f3DefaultParagraphFont">Repealed.</span></p><p dir="ltr" class="s8bdab430f1da4d189cd267e49f8ea1f3Normal"><span xml:space="preserve" class="s8bdab430f1da4d189cd267e49f8ea1f3000000"> </span></p><p dir="ltr" class="s8bdab430f1da4d189cd267e49f8ea1f3Normal"><span xml:space="preserve" class="s8bdab430f1da4d189cd267e49f8ea1f3DefaultParagraphFont">Source: </span><span class="s8bdab430f1da4d189cd267e49f8ea1f3SCL">SL 2010, ch 218, ��3; SL 2022, ch 168, ��3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s08288a16e58d475a93198a2b859ebf74Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s08288a16e58d475a93198a2b859ebf74SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s08288a16e58d475a93198a2b859ebf74CatchLine { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s08288a16e58d475a93198a2b859ebf74000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s08288a16e58d475a93198a2b859ebf74DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s08288a16e58d475a93198a2b859ebf74SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A-1012 - Repealed."><meta property="og:description" content="SDLRC Codified Law 47-34A-1012 - Repealed."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-34A-1012"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s08288a16e58d475a93198a2b859ebf74Normal"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1012" rel="noopener"><span class="s08288a16e58d475a93198a2b859ebf74SENU">47-34A-1012</span></a><span xml:space="preserve" class="s08288a16e58d475a93198a2b859ebf74SENU">. </span><span class="s08288a16e58d475a93198a2b859ebf74CatchLine">Repealed.</span></p><p dir="ltr" class="s08288a16e58d475a93198a2b859ebf74Normal"><span xml:space="preserve" class="s08288a16e58d475a93198a2b859ebf74000000"> </span></p><p dir="ltr" class="s08288a16e58d475a93198a2b859ebf74Normal"><span xml:space="preserve" class="s08288a16e58d475a93198a2b859ebf74DefaultParagraphFont">Source: </span><span class="s08288a16e58d475a93198a2b859ebf74SCL">SL 2010, ch 218, ��4; SL 2022, ch 168, � 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sf954705c80d0495ca82d697e519348f9Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sf954705c80d0495ca82d697e519348f9SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sf954705c80d0495ca82d697e519348f9DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sf954705c80d0495ca82d697e519348f9000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sf954705c80d0495ca82d697e519348f9SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A-1013 - Repealed."><meta property="og:description" content="SDLRC Codified Law 47-34A-1013 - Repealed."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-34A-1013"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="sf954705c80d0495ca82d697e519348f9Normal"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1013" rel="noopener"><span class="sf954705c80d0495ca82d697e519348f9SENU">47-34A-1013</span></a><span xml:space="preserve" class="sf954705c80d0495ca82d697e519348f9SENU">. </span><span class="sf954705c80d0495ca82d697e519348f9DefaultParagraphFont">Repealed.</span></p><p dir="ltr" class="sf954705c80d0495ca82d697e519348f9Normal"><span xml:space="preserve" class="sf954705c80d0495ca82d697e519348f9000000"> </span></p><p dir="ltr" class="sf954705c80d0495ca82d697e519348f9Normal"><span xml:space="preserve" class="sf954705c80d0495ca82d697e519348f9DefaultParagraphFont">Source: </span><span class="sf954705c80d0495ca82d697e519348f9SCL">SL 2010, ch 218, ��5; SL 2022, ch 168, ��5.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s1d2f27404cc24dabb7c447e73be8eec4Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s1d2f27404cc24dabb7c447e73be8eec4SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s1d2f27404cc24dabb7c447e73be8eec4DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s1d2f27404cc24dabb7c447e73be8eec4000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s1d2f27404cc24dabb7c447e73be8eec4SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A-1014 - Repealed."><meta property="og:description" content="SDLRC Codified Law 47-34A-1014 - Repealed."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-34A-1014"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s1d2f27404cc24dabb7c447e73be8eec4Normal"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1014" rel="noopener"><span class="s1d2f27404cc24dabb7c447e73be8eec4SENU">47-34A-1014</span></a><span xml:space="preserve" class="s1d2f27404cc24dabb7c447e73be8eec4SENU">. </span><span class="s1d2f27404cc24dabb7c447e73be8eec4DefaultParagraphFont">Repealed.</span></p><p dir="ltr" class="s1d2f27404cc24dabb7c447e73be8eec4Normal"><span xml:space="preserve" class="s1d2f27404cc24dabb7c447e73be8eec4000000"> </span></p><p dir="ltr" class="s1d2f27404cc24dabb7c447e73be8eec4Normal"><span xml:space="preserve" class="s1d2f27404cc24dabb7c447e73be8eec4DefaultParagraphFont">Source: </span><span class="s1d2f27404cc24dabb7c447e73be8eec4SCL">SL 2010, ch 218, ��6; SL 2022, ch 168, ��6.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s6cea6ed95a2247efb0868295c859235aNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s6cea6ed95a2247efb0868295c859235aSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s6cea6ed95a2247efb0868295c859235aCatchLine { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s6cea6ed95a2247efb0868295c859235a000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s6cea6ed95a2247efb0868295c859235aDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s6cea6ed95a2247efb0868295c859235aSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A-1015 - Repealed."><meta property="og:description" content="SDLRC Codified Law 47-34A-1015 - Repealed."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-34A-1015"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s6cea6ed95a2247efb0868295c859235aNormal"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1015" rel="noopener"><span class="s6cea6ed95a2247efb0868295c859235aSENU">47-34A-1015</span></a><span xml:space="preserve" class="s6cea6ed95a2247efb0868295c859235aSENU">. </span><span class="s6cea6ed95a2247efb0868295c859235aCatchLine">Repealed.</span></p><p dir="ltr" class="s6cea6ed95a2247efb0868295c859235aNormal"><span xml:space="preserve" class="s6cea6ed95a2247efb0868295c859235a000000"> </span></p><p dir="ltr" class="s6cea6ed95a2247efb0868295c859235aNormal"><span xml:space="preserve" class="s6cea6ed95a2247efb0868295c859235aDefaultParagraphFont">Source: </span><span class="s6cea6ed95a2247efb0868295c859235aSCL">SL 2010, ch 218, ��7; SL 2022, ch 168, � 7.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sffcdfdb85c814d0382269274a59dba2bNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sffcdfdb85c814d0382269274a59dba2bSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sffcdfdb85c814d0382269274a59dba2bCatchLine { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sffcdfdb85c814d0382269274a59dba2b000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sffcdfdb85c814d0382269274a59dba2bDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sffcdfdb85c814d0382269274a59dba2bSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A-1016 - Repealed."><meta property="og:description" content="SDLRC Codified Law 47-34A-1016 - Repealed."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-34A-1016"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="sffcdfdb85c814d0382269274a59dba2bNormal"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1016" rel="noopener"><span class="sffcdfdb85c814d0382269274a59dba2bSENU">47-34A-1016</span></a><span xml:space="preserve" class="sffcdfdb85c814d0382269274a59dba2bSENU">. </span><span class="sffcdfdb85c814d0382269274a59dba2bCatchLine">Repealed.</span></p><p dir="ltr" class="sffcdfdb85c814d0382269274a59dba2bNormal"><span xml:space="preserve" class="sffcdfdb85c814d0382269274a59dba2b000000"> </span></p><p dir="ltr" class="sffcdfdb85c814d0382269274a59dba2bNormal"><span xml:space="preserve" class="sffcdfdb85c814d0382269274a59dba2bDefaultParagraphFont">Source: </span><span class="sffcdfdb85c814d0382269274a59dba2bSCL">SL 2010, ch 218, ��8; SL 2022, ch 168, � 8.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069708Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069708SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069708CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069708Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069708DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069708Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069708000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069708SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069708SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069708Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1101"><span class="s2069708SENU">47-34A-1101</span></a><span xml:space="preserve" class="s2069708SENU">.�</span><span class="s2069708CL">Direct action by member.</span></p><p dir="ltr" class="s2069708Normal-000000"><span class="s2069708DefaultParagraphFont">(a) Subject to subsection (b), a member may maintain a direct action against another member, a manager, or the limited liability company to enforce the member's rights and otherwise protect the member's interests, including rights and interests under the operating agreement or this chapter or arising independently of the membership relationship.</span></p><p dir="ltr" class="s2069708Normal-000001"><span class="s2069708DefaultParagraphFont">(b) A member maintaining a direct action under this section must plead an actual or threatened injury that is not solely the result of an injury suffered or threatened to be suffered by the limited liability company.</span></p><p dir="ltr" class="s2069708Normal"><span xml:space="preserve" class="s2069708000002"> </span></p><p dir="ltr" class="s2069708Normal"><span class="s2069708SCL">Source:</span><span xml:space="preserve" class="s2069708SCL-000003"> SL 1998, ch 272, ��1101; SL 2013, ch 233, ��39.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069709Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069709SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069709CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069709Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069709DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069709Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069709000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069709SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069709SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069709Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1102"><span class="s2069709SENU">47-34A-1102</span></a><span xml:space="preserve" class="s2069709SENU">.�</span><span class="s2069709CL">Derivative action.</span></p><p dir="ltr" class="s2069709Normal-000000"><span class="s2069709DefaultParagraphFont">A member may maintain a derivative action to enforce a right of a limited liability company if:</span></p><p dir="ltr" class="s2069709Normal-000001"><span class="s2069709DefaultParagraphFont">(1)����The member first makes a demand on the other members in a member-managed limited liability company, or the managers of a manager-managed limited liability company, requesting that they cause the company to bring an action to enforce the right, and the managers or other members do not bring the action within a reasonable time; or</span></p><p dir="ltr" class="s2069709Normal-000001"><span class="s2069709DefaultParagraphFont">(2)����A demand under paragraph (1) would be futile.</span></p><p dir="ltr" class="s2069709Normal"><span xml:space="preserve" class="s2069709000002"> </span></p><p dir="ltr" class="s2069709Normal"><span class="s2069709SCL">Source:</span><span xml:space="preserve" class="s2069709SCL-000003"> SL 1998, ch 272, ��1102; SL 2013, ch 233, ��40.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069710Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069710SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069710CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069710Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069710DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069710Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069710000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069710SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069710SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069710Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1103"><span class="s2069710SENU">47-34A-1103</span></a><span xml:space="preserve" class="s2069710SENU">.�</span><span class="s2069710CL">Proper plaintiff.</span></p><p dir="ltr" class="s2069710Normal-000000"><span xml:space="preserve" class="s2069710DefaultParagraphFont">(a) Except as otherwise provided in subsection (b), a derivative action under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1102"><span class="s2069710DefaultParagraphFont">47-34A-1102</span></a><span xml:space="preserve" class="s2069710DefaultParagraphFont"> may be maintained only by a person that is a member at the time the action is commenced and remains a member while the action continues.</span></p><p dir="ltr" class="s2069710Normal-000001"><span class="s2069710DefaultParagraphFont">(b) If the sole plaintiff in a derivative action dies while the action is pending, the court may permit another member of the limited liability company to be substituted as plaintiff.</span></p><p dir="ltr" class="s2069710Normal"><span xml:space="preserve" class="s2069710000002"> </span></p><p dir="ltr" class="s2069710Normal"><span class="s2069710SCL">Source:</span><span xml:space="preserve" class="s2069710SCL-000003"> SL 1998, ch 272, ��1103; SL 2013, ch 233, ��41.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069711Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069711SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069711CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069711Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069711DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069711Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069711000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069711SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069711SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069711Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1104"><span class="s2069711SENU">47-34A-1104</span></a><span xml:space="preserve" class="s2069711SENU">.�</span><span class="s2069711CL">Pleading.</span></p><p dir="ltr" class="s2069711Normal-000000"><span xml:space="preserve" class="s2069711DefaultParagraphFont">In a derivative action under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1102"><span class="s2069711DefaultParagraphFont">47-34A-1102</span></a><span class="s2069711DefaultParagraphFont">, the complaint must state with particularity:</span></p><p dir="ltr" class="s2069711Normal-000001"><span class="s2069711DefaultParagraphFont">(1)����The date and content of the plaintiff's demand and the response to the demand by the managers or other members; or</span></p><p dir="ltr" class="s2069711Normal-000001"><span xml:space="preserve" class="s2069711DefaultParagraphFont">(2)����If a demand has not been made, the reasons a demand under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1102"><span class="s2069711DefaultParagraphFont">47-34A-1102</span></a><span xml:space="preserve" class="s2069711DefaultParagraphFont"> would be futile.</span></p><p dir="ltr" class="s2069711Normal"><span xml:space="preserve" class="s2069711000002"> </span></p><p dir="ltr" class="s2069711Normal"><span class="s2069711SCL">Source:</span><span xml:space="preserve" class="s2069711SCL-000003"> SL 1998, ch 272, ��1104; SL 2013, ch 233, ��42.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069712Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069712SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069712CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069712Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069712DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069712Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2069712Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069712Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2069712000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069712SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069712SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069712Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1105"><span class="s2069712SENU">47-34A-1105</span></a><span xml:space="preserve" class="s2069712SENU">.�</span><span class="s2069712CL">Special litigation committee.</span></p><p dir="ltr" class="s2069712Normal-000000"><span xml:space="preserve" class="s2069712DefaultParagraphFont">(a) If a limited liability company is named as or made a party in a derivative proceeding, the company may appoint a special litigation committee to investigate the claims asserted in the proceeding and determine whether pursuing the action is in the best interests of the company. If the company appoints a special litigation committee on motion by the committee made in the name of the company, except for good cause shown, the court shall stay discovery for the time reasonably necessary to permit the committee to make an investigation. The provisions of this subsection do not prevent the court from enforcing a person's right to information under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-408"><span class="s2069712DefaultParagraphFont">47-34A-408</span></a><span xml:space="preserve" class="s2069712DefaultParagraphFont"> or, for good cause shown, granting extraordinary relief in the form of a temporary restraining order or preliminary injunction.</span></p><p dir="ltr" class="s2069712Normal-000001"><span class="s2069712DefaultParagraphFont">(b) A special litigation committee may be composed of one or more disinterested and independent individuals, who may be members.</span></p><p dir="ltr" class="s2069712Normal-000001"><span class="s2069712DefaultParagraphFont">(c) A special litigation committee may be appointed:</span></p><p dir="ltr" class="s2069712Normal-000002"><span class="s2069712DefaultParagraphFont">(1)����In a member-managed limited liability company:</span></p><p dir="ltr" class="s2069712Normal-000003"><span class="s2069712DefaultParagraphFont">(A)����By the consent of a majority of the members not named as defendants or plaintiffs in the proceeding; and</span></p><p dir="ltr" class="s2069712Normal-000003"><span class="s2069712DefaultParagraphFont">(B)����If all members are named as defendants or plaintiffs in the proceeding, by a majority of the members named as defendants; or</span></p><p dir="ltr" class="s2069712Normal-000002"><span class="s2069712DefaultParagraphFont">(2)����In a manager-managed limited liability company:</span></p><p dir="ltr" class="s2069712Normal-000003"><span class="s2069712DefaultParagraphFont">(A)����By a majority of the managers not named as defendants or plaintiffs in the proceeding; and</span></p><p dir="ltr" class="s2069712Normal-000003"><span class="s2069712DefaultParagraphFont">(B)����If all managers are named as defendants or plaintiffs in the proceeding, by a majority of the managers named as defendants.</span></p><p dir="ltr" class="s2069712Normal-000001"><span class="s2069712DefaultParagraphFont">(d) After appropriate investigation, a special litigation committee may determine that it is in the best interests of the limited liability company that the proceeding:</span></p><p dir="ltr" class="s2069712Normal-000002"><span class="s2069712DefaultParagraphFont">(1)����Continue under the control of the plaintiff;</span></p><p dir="ltr" class="s2069712Normal-000002"><span class="s2069712DefaultParagraphFont">(2)����Continue under the control of the committee;</span></p><p dir="ltr" class="s2069712Normal-000002"><span class="s2069712DefaultParagraphFont">(3)����Be settled on terms approved by the committee; or</span></p><p dir="ltr" class="s2069712Normal-000002"><span class="s2069712DefaultParagraphFont">(4)����Be dismissed.</span></p><p dir="ltr" class="s2069712Normal-000001"><span class="s2069712DefaultParagraphFont">(e) After making a determination under subsection (d), a special litigation committee shall file with the court a statement of the committees determination and the committee's report supporting the determination, giving notice to the plaintiff. The court shall determine whether the members of the committee were disinterested and independent and whether the committee conducted its investigation and made the recommendation in good faith, independently, and with reasonable care, with the committee having the burden of proof. If the court finds that the members of the committee were disinterested and independent and that the committee acted in good faith, independently, and with reasonable care, the court shall enforce the determination of the committee. Otherwise, the court shall dissolve the stay of discovery entered under subsection (a) and allow the action to proceed under the direction of the plaintiff.</span></p><p dir="ltr" class="s2069712Normal"><span xml:space="preserve" class="s2069712000004"> </span></p><p dir="ltr" class="s2069712Normal"><span class="s2069712SCL">Source:</span><span xml:space="preserve" class="s2069712SCL-000005"> SL 2013, ch 233, ��43.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069713Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069713SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069713CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069713Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069713DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069713Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069713Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069713000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069713SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069713SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069713Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1106"><span class="s2069713SENU">47-34A-1106</span></a><span xml:space="preserve" class="s2069713SENU">.�</span><span class="s2069713CL">Proceeds and expenses.</span></p><p dir="ltr" class="s2069713Normal-000000"><span class="s2069713DefaultParagraphFont">(a) Except as otherwise provided in subsection (b):</span></p><p dir="ltr" class="s2069713Normal-000001"><span xml:space="preserve" class="s2069713DefaultParagraphFont">(1)����Any proceeds or other benefits of a derivative action under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1102"><span class="s2069713DefaultParagraphFont">47-34A-1102</span></a><span class="s2069713DefaultParagraphFont">, whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff; and</span></p><p dir="ltr" class="s2069713Normal-000001"><span class="s2069713DefaultParagraphFont">(2)����If the plaintiff receives any proceeds, the plaintiff shall immediately remit the proceeds to the company.</span></p><p dir="ltr" class="s2069713Normal-000002"><span xml:space="preserve" class="s2069713DefaultParagraphFont">(b) If a derivative action under ��</span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1102"><span class="s2069713DefaultParagraphFont">47-34A-1102</span></a><span xml:space="preserve" class="s2069713DefaultParagraphFont"> is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney's fees and costs, from the recovery of the limited liability company.</span></p><p dir="ltr" class="s2069713Normal"><span xml:space="preserve" class="s2069713000003"> </span></p><p dir="ltr" class="s2069713Normal"><span class="s2069713SCL">Source:</span><span xml:space="preserve" class="s2069713SCL-000004"> SL 2013, ch 233, ��44.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069714Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069714SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069714CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069714Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069714DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069714000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069714SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069714SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069714Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1201"><span class="s2069714SENU">47-34A-1201</span></a><span xml:space="preserve" class="s2069714SENU">.�</span><span class="s2069714CL">Uniformity of application and construction.</span></p><p dir="ltr" class="s2069714Normal-000000"><span class="s2069714DefaultParagraphFont">This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.</span></p><p dir="ltr" class="s2069714Normal"><span xml:space="preserve" class="s2069714000001"> </span></p><p dir="ltr" class="s2069714Normal"><span class="s2069714SCL">Source:</span><span xml:space="preserve" class="s2069714SCL-000002"> SL 1998, ch 272, ��1201.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069715Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069715SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069715CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069715Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069715DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069715000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069715SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069715SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069715Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1202"><span class="s2069715SENU">47-34A-1202</span></a><span xml:space="preserve" class="s2069715SENU">.�</span><span class="s2069715CL">Short title.</span></p><p dir="ltr" class="s2069715Normal-000000"><span class="s2069715DefaultParagraphFont">This chapter may be cited as the South Dakota Limited Liability Company Act.</span></p><p dir="ltr" class="s2069715Normal"><span xml:space="preserve" class="s2069715000001"> </span></p><p dir="ltr" class="s2069715Normal"><span class="s2069715SCL">Source:</span><span xml:space="preserve" class="s2069715SCL-000002"> SL 1998, ch 272, ��1202.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT47-34A-1203 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 47-34A-1203 "> <META NAME="Description" Content="South Dakota Codified Laws 47-34A-1203"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 47-34A-1203, 47-34A-1204. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Reserved.<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069717Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069717SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069717CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069717Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069717DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069717Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069717Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069717000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069717SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069717SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069717Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1205"><span class="s2069717SENU">47-34A-1205</span></a><span xml:space="preserve" class="s2069717SENU">.�</span><span class="s2069717CL">Limited liability company--Organization--Effective date.</span></p><p dir="ltr" class="s2069717Normal-000000"><span class="s2069717DefaultParagraphFont">(a) Before January 1, 1999, this chapter governs only a limited liability company organized:</span></p><p dir="ltr" class="s2069717Normal-000001"><span class="s2069717DefaultParagraphFont">(1)����After the effective date of this chapter, unless the company is continuing the business of a dissolved limited liability company.;</span></p><p dir="ltr" class="s2069717Normal-000001"><span class="s2069717DefaultParagraphFont">(2)����Before the effective date of this chapter, which elects, as provided by subsection (b), to be governed by this chapter.</span></p><p dir="ltr" class="s2069717Normal-000002"><span class="s2069717DefaultParagraphFont">(b) Before January 1, 2004, a limited liability company existing before the effective date of this chapter may voluntarily elect, in the manner provided in its operating agreement or by law for amending the operating agreement, to be governed by this chapter.</span></p><p dir="ltr" class="s2069717Normal-000002"><span class="s2069717DefaultParagraphFont">(c) On and after January 1, 2004, this chapter governs all limited liability companies.</span></p><p dir="ltr" class="s2069717Normal"><span xml:space="preserve" class="s2069717000003"> </span></p><p dir="ltr" class="s2069717Normal"><span class="s2069717SCL">Source:</span><span xml:space="preserve" class="s2069717SCL-000004"> SL 1998, ch 272, ��1205.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2084313Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2084313SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2084313CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2084313DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2084313StatuteNumber1 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } a.s2084313000000 { text-decoration: none; } span.s2084313000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2084313DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2084313SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 47-34A-1206 - Fees."><meta property="og:description" content="SDLRC Codified Law 47-34A-1206 - Fees."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=47-34A-1206"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2084313Normal"><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-1206" rel="noopener"><span class="s2084313SENU">47-34A-1206</span></a><span xml:space="preserve" class="s2084313SENU">. </span><span class="s2084313CL">Fees.</span></p><p dir="ltr" class="s2084313Normal"><span class="s2084313DefaultParagraphFont">The secretary of state may charge the following fees:</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span class="s2084313DefaultParagraphFont">(a)����For amending or restating the articles of organization in the case of a domestic limited liability company, a filing fee of sixty dollars. For amending the certificate of authority in the case of a foreign limited liability company, a filing fee of seven hundred fifty dollars;</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span class="s2084313DefaultParagraphFont">(b)����For filing articles of termination, ten dollars;</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span class="s2084313DefaultParagraphFont">(c)����For filing articles of merger, sixty dollars;</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span class="s2084313DefaultParagraphFont">(d)����For filing a statement of dissociation, ten dollars;</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span class="s2084313DefaultParagraphFont">(e)����For filing an application to reserve a name, twenty-five dollars;</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span class="s2084313DefaultParagraphFont">(f)����For issuing a certificate of existence, twenty dollars;</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span class="s2084313DefaultParagraphFont">(g)����For filing an application for registration of name, twenty-five dollars;</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span xml:space="preserve" class="s2084313DefaultParagraphFont">(h)����For filing an annual renewal of registration, a limited liability company which has in effect a registration of its name, may renew such registration from year to year by annually filing an application for renewal setting forth the facts required to be set </span><a id="_pagenumber10" class="s2084313000000" rel="noopener"></a><span class="s2084313DefaultParagraphFont">forth in an original application for registration and a certificate of good standing as required for the original registration and by paying a fee of fifteen dollars. A renewal application may be filed between the first day of October and the thirty-first day of December in each year and shall extend the registration for the following year. Delivery may be made by electronic transmission if and to the extent permitted by the Office of the Secretary of State. If the document is filed in typewritten or printed form and not transmitted electronically, the Office of the Secretary of State may require one exact or conformed copy to be delivered with the document;</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span class="s2084313DefaultParagraphFont">(i)����For acting as agent for service of process the secretary of state shall charge and collect at the time of such service thirty dollars which may be recoverable as taxable costs by the party to the suit or action causing the service to be made if the party prevails in the suit or action;</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span class="s2084313DefaultParagraphFont">(j)����For filing articles of domestication, one hundred fifty dollars;</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span class="s2084313DefaultParagraphFont">(k)����For filing articles of organization surrender, one hundred fifty dollars;</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span class="s2084313DefaultParagraphFont">(l)����For filing a plan of conversion, one hundred fifty dollars;</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span class="s2084313DefaultParagraphFont">(m)����For amending or restating the articles of organization in the case of a domestic limited liability company or for filing an application to amend or restate the certificate of authority in the case of a foreign limited liability company, where the amendment contains a notice that the limited liability company is authorized to establish one or more series, a filing fee of one hundred ten dollars;</span></p><p dir="ltr" class="s2084313StatuteNumber1"><span class="s2084313DefaultParagraphFont">(n)����For filing an application for a certificate of designation, fifty dollars.</span></p><p dir="ltr" class="s2084313Normal"><span xml:space="preserve" class="s2084313000001"> </span></p><p dir="ltr" class="s2084313Normal"><span xml:space="preserve" class="s2084313DefaultParagraphFont-000002">Source: </span><span class="s2084313SCL">SL 1998, ch 272, � 1206; SL 2003, ch 8, � 25; SL 2004, ch 279, � 3; SL 2008, ch 275, � 88; SL 2009, ch 4, � 20; SL 2010, ch 218, � 15; SL 2012, ch 222, � 17; SL 2020, ch 200, � 11, eff. Nov. 15, 2020.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069719Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069719SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069719CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069719Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069719DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069719000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069719SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069719SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2069719Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1206.1"><span class="s2069719SENU">47-34A-1206.1</span></a><span xml:space="preserve" class="s2069719SENU">.�</span><span class="s2069719CL">Filing of documents with secretary of state.</span></p><p dir="ltr" class="s2069719Normal-000000"><span class="s2069719DefaultParagraphFont">Delivery of documents may be made by electronic transmission if and to the extent permitted by the Office of the Secretary of State. If the document is filed in typewritten or printed form and not transmitted electronically, the Office of the Secretary of State may require one exact or conformed copy to be delivered with the document.</span></p><p dir="ltr" class="s2069719Normal"><span xml:space="preserve" class="s2069719000001"> </span></p><p dir="ltr" class="s2069719Normal"><span class="s2069719SCL">Source:</span><span xml:space="preserve" class="s2069719SCL-000002"> SL 2013, ch 233, ��45.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 47-34A - UNIFORM LIMITED LIABILITY COMPANY ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069720Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069720SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069720CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069720Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069720DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069720000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069720SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069720SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2069720Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-34A-1207"><span class="s2069720SENU">47-34A-1207</span></a><span xml:space="preserve" class="s2069720SENU">.�</span><span class="s2069720CL">Savings clause.</span></p><p dir="ltr" class="s2069720Normal-000000"><span class="s2069720DefaultParagraphFont">This chapter does not affect an action or proceeding commenced or right accrued before July 1, 1998.</span></p><p dir="ltr" class="s2069720Normal"><span xml:space="preserve" class="s2069720000001"> </span></p><p dir="ltr" class="s2069720Normal"><span class="s2069720SCL">Source:</span><span xml:space="preserve" class="s2069720SCL-000002"> SL 1998, ch 272, ��1207.</span></p></div></body></html>