South Dakota Codified Laws 47-22-73. Unauthorized acting as corporation–Liability
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All persons who assume to act as a corporation without authority so to do shall be jointly and severally liable for all debts and liabilities incurred or arising as a result thereof.
Terms Used In South Dakota Codified Laws 47-22-73
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Source: SL 1965, ch 24, § 98.