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51 chapters · 1,546 sections in this title.
SDCL § 47-34A-404.1 Management of limited liability company
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(a) In a member - managed company: (1) Each member has equal rights in the management and conduct of the company's business; and (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. (b)…
SDCL § 47-34A-404.2 Classes and voting
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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 …
SDCL § 47-34A-405 Sharing of and right to distributions
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(a) Any distributions made by a limited liability company before its dissolution and winding up must be in equal shares. (b) A member has no right to receive, and may not be required to accept, a distribution in kind. (c) If a member becomes entitled to receive a distribution, th…
SDCL § 47-34A-406 Limitations on distributions
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(a) A distribution may not be made if, after the distribution is made: (1) The limited liability company would not be able to pay its debts as they become due in the ordinary course of business; or (2) The company's total assets would be less than the sum of its total liabilities…
