Public-domain · open source
OpenJurist

S.D. Codified Laws § 47-34A-405

Sharing of and right to distributions

Known as the South Dakota Limited Liability Company Act

The act spans §§ 47–47 (113 sections).

Source: SL 1998, ch 272, § 405.

(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, the member has the status of, and is entitled to all remedies available to, a creditor of the limited liability company with respect to the distribution.

Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.