North Dakota Code 10-06.1-02 – Farming or ranching by corporations and limited liability companies prohibited
1. All corporations and limited liability companies, except as otherwise provided in this chapter, are prohibited from owning or leasing farmland or ranchland and from engaging in the business of farming or ranching.
Terms Used In North Dakota Code 10-06.1-02
- 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.
- Partnership: includes a limited liability partnership registered under chapter 45-22. See North Dakota Code 1-01-49
2. A corporation or a limited liability company may be a partner in a partnership under title 45 which owns or leases farmland or ranchland or engages in the business of farming or ranching only if that corporation or limited liability company complies with this chapter.
3. Notwithstanding any other provision of law, an authorized livestock farm corporation or authorized livestock farm limited liability company may not be a partner in a partnership under title 45 which owns or leases farmland or ranchland or engages in the business of farming or ranching.