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51 chapters · 1,546 sections in this title.
SDCL § 47-34A-409 General standards of member's and manager's conduct
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(a) The only fiduciary duties a member owes to a member-managed company and, subject to § 47-34A-1101(b), its other members are the duty of loyalty and the duty of care imposed by subsections (b) and (c). (b) A member's duty of loyalty to a member-managed company and its other me…
SDCL § 47-34A-410 Actions by members
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(a) A member may maintain an action against a limited liability company or another member for legal or equitable relief, with or without an accounting as to the company's business, to enforce: (1) The member's rights under the operating agreement; (2) The member's rights under th…
SDCL § 47-34A-411 Good faith reliance upon information
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A member or manager of a limited liability company shall be fully protected in relying in good faith upon the records of the limited liability company and upon such information, opinions, reports, or statements presented to the limited liability company by any of its other manage…
SDCL § 47-34A-501 Member's distributional interest
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(a) A member is not a co - owner of, and has no transferable interest in, property of a limited liability company. (b) A distributional interest in a limited liability company is personal property and, subject to § 47-34A-502 and § 47-34A-503 , may be transferred in whole or in p…
