South Dakota Codified Laws 15-2-14.3. Time for bringing action against professional corporation–Corporate character and status unaffected
Any action against any professional corporation or professional limited liability company organized under chapter 47-11, 47-11A, 47-11B, 47-11C, 47-12, 47-13, 47-13A, or 47-13B can only be brought within the time and in the manner prescribed by the statute of limitations applicable to such action if it were commenced against a stockholder of such corporation as an individual. This section does not affect the corporate character and status of any professional corporation now or hereafter organized under the chapters herein mentioned, but that, as to such professional corporations, the limitation of actions applicable to the corporation are the same as that applicable to the individual professionals who are stockholders of the corporation.
Terms Used In South Dakota Codified Laws 15-2-14.3
- 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.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
Source: SL 1979, ch 146; SL 1994, ch 351, § 31.