South Dakota Codified Laws 47-34A-201. Limited liability company as legal entity
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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.
Terms Used In South Dakota Codified Laws 47-34A-201
- Entity: means a person other than an individual. See South Dakota Codified Laws 47-34A-101
- Member: means a person that:
(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. See South Dakota Codified Laws 47-34A-101
Source: SL 1998, ch 272, § 201.