South Dakota Codified Laws 48-7-406. Restrictions on corporate general partner
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Any limited partnership which has a corporation as its general partner shall conform to the restrictions placed upon corporations under chapter 47-9A.
Terms Used In South Dakota Codified Laws 48-7-406
- 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.
- 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.
Source: SL 1990, ch 370, § 12.