South Dakota Codified Laws 36-21A-37. License required for real estate firm
Current as of: 2023 | Check for updates
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No partnership, association, limited liability company, or corporation may perform the services of a real estate broker as described in § 36-21A-6, nor may a licensee associate or work for any partnership, association, limited liability company, or corporation performing any services described in § 36-21A-6, until such time as the partnership, association, limited liability company, or corporation is licensed by the commission.
Terms Used In South Dakota Codified Laws 36-21A-37
- 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 1992, ch 273, § 37; SL 1996, ch 236, § 2.