South Dakota Codified Laws 47-34A-910. Domestication
(a) A foreign limited liability company may become a limited liability company pursuant to §§ 47-34A-911 to 47-34A-913, inclusive, and a plan of domestication, if:
(1) The foreign limited liability company’s governing statute authorizes the domestication;
Terms Used In South Dakota Codified Laws 47-34A-910
- Foreign limited liability company: means an unincorporated entity formed under the law of a jurisdiction other than this state and denominated by that law as a limited liability company. See South Dakota Codified Laws 47-34A-101
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Statute: A law passed by a legislature.
(2) The domestication is not prohibited by the law of the jurisdiction that enacted the governing statute; and
(3) The foreign limited liability company complies with its governing statute in effecting the domestication.
(b) A limited liability company may become a foreign limited liability company pursuant to §§ 47-34A-911 to 47-34A-913, inclusive, and a plan of domestication, if:
(1) The foreign limited liability company’s governing statute authorizes the domestication;
(2) The domestication is not prohibited by the law of the jurisdiction that enacted the governing statute; and
(3) The foreign limited liability company complies with its governing statute in effecting the domestication.
(c) A plan of domestication must be in a record and must include:
(1) The name of the domesticating company before domestication and the jurisdiction of its governing statute;
(2) The name of the domesticated company after domestication and the jurisdiction of its governing statute;
(3) The terms and conditions of the domestication, including the manner and basis for converting interests in the domesticating company into any combination of money, interests in the domesticated company, and other consideration; and
(4) The organizational documents of the domesticated company that are, or are proposed to be, in a record.
Source: SL 2010, ch 218, § 11; SL 2013, ch 233, § 24.