An operating agreement may establish or provide for the establishment of a series of members, managers, or limited liability company interests having separate rights, powers, or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations. To the extent provided in the operating agreement, any such series may have a separate business purpose or investment objective.
S.D. Codified Laws § 47-34A-701
Series of members, managers, or limited liability company interests permitted
Known as the South Dakota Limited Liability Company Act
The act spans §§ 47–47 (113 sections).
Source: SL 2020, ch 200, § 1, eff
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.