South Dakota Codified Laws 47-34A-501. Member’s distributional interest
(a) A member is not a co–owner of, and has no transferable interest in, property of a limited liability company.
(b) A distributional interest in a limited liability company is personal property and, subject to § 47-34A-502 and § 47-34A-503, may be transferred in whole or in part.
Terms Used In South Dakota Codified Laws 47-34A-501
- Distributional interest: means all of a member's interest in distributions by the limited liability company. See South Dakota Codified Laws 47-34A-101
- Member: means a person that:
(A) Prior to formation of the limited liability company, becomes a member as agreed by that person and the organizer of the limited liability company. See South Dakota Codified Laws 47-34A-101
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(c) An operating agreement may provide that a distributional interest may be evidenced by a certificate of the interest issued by the limited liability company and, subject to § 47-34A-503, may also provide for the transfer of any interest represented by the certificate.
Source: SL 1998, ch 272, § 501.