South Dakota Codified Laws 47-1A-142. Number of shareholders
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For purposes of this chapter, the following identified as a shareholder in a corporation‘s current record of shareholders constitutes one shareholder:
(1) Three or fewer co-owners;
Terms Used In South Dakota Codified Laws 47-1A-142
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Entity: includes domestic and foreign business corporation. See South Dakota Codified Laws 47-1A-140
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes an individual and an entity. See South Dakota Codified Laws 47-1A-140
(2) A corporation, partnership, trust, estate, or other entity;
(3) The trustees, guardians, custodians, or other fiduciaries of a single trust, estate, or account.
For purposes of this chapter, shareholdings registered in substantially similar names constitute one shareholder if it is reasonable to believe that the names represent the same person.
Source: SL 2005, ch 239, § 26.