South Dakota Codified Laws 47-34A-701. Series of members, managers, or limited liability company interests permitted
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An operating agreement may establish or provide for the establishment of a series of members, managers, or limited liability company interests having separate rights, powers, or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations. To the extent provided in the operating agreement, any such series may have a separate business purpose or investment objective.
Terms Used In South Dakota Codified Laws 47-34A-701
- Business: includes every trade, occupation, profession, and other lawful purpose, whether or not carried on for profit. See South Dakota Codified Laws 47-34A-101
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 2020, ch 200, § 1, eff. Nov. 15, 2020.