South Dakota Codified Laws 48-7-105. Records to be kept
Each limited partnership shall keep at the office referred to in § 48-7-104 the following:
(1) A current list of the full name and last known business address of each partner, separately identifying in alphabetical order the general partners and the limited partners;
Terms Used In South Dakota Codified Laws 48-7-105
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(2) A copy of the certificate of limited partnership and all certificates of amendment thereto, together with executed copies of any powers of attorney pursuant to which any certificate has been executed;
(3) Copies of the limited partnership’s federal, state, and local income tax returns and reports, if any, for the three most recent years;
(4) Copies of any then effective written partnership agreements and of any financial statements of the limited partnership for the three most recent years; and
(5) Unless contained in a written partnership agreement, a writing setting out:
(a) The amount of cash and a description and statement of the agreed value of the other property or services contributed by each partner and which each partner has agreed to contribute;
(b) The times at which or events on the happening of which any additional contributions agreed to be made by each partner are to be made;
(c) Any right of a partner to receive, or of a general partner to make, distributions to a partner which include a return of all or any part of the partner’s contribution; and
(d) Any events upon the happening of which the limited partnership is to be dissolved and its affairs wound up.
Records kept under this section are subject to inspection and copying at the reasonable request, and at the expense, of any partner during ordinary business hours.
Source: SL 1986, ch 391, § 105.