2020 House Bill 1109 - Enrolled

SDLRC - 2020 House Bill 1109 - SD Legislature revise the Uniform Limited Liability Company Act.

20.360.11 95th Legislative Session 753

2020 South Dakota Legislature

House Bill 1109

ENROLLED

An Act

ENTITLED An Act to revise the Uniform Limited Liability Company Act.

Be it enacted by the Legislature of the State of South Dakota:

Section 1. That § 47-34A-303 be AMENDED:

47-34A-303. Liability of members and managers.

(a) A debt, obligation, or other liability of a limited liability company is solely the debt, obligation, or other liability of the company. A member or manager is not personally liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or liability of the company solely by reason of being or acting as a member or manager. This subsection applies regardless of the dissolution of the company.

(b) The failure of a limited liability company to observe formalities relating to the exercise of its powers or management of its activities and affairs is not a ground for imposing liability on a member or manager for a debt, obligation, or other liability of the company.

An Act to revise the Uniform Limited Liability Company Act.

I certify that the attached Act originated in the:

House as Bill No. 1109

Chief Clerk

Speaker of the House

Attest:

Chief Clerk

President of the Senate

Attest:

Secretary of the Senate

House Bill No. 1109

File No. ____

Chapter No. ______

Received at this Executive Office

this _____ day of _____________,

2020 at ____________M.

By

for the Governor

The attached Act is hereby

approved this ________ day of

______________, A.D., 2020

Governor

STATE OF SOUTH DAKOTA,

ss.

Office of the Secretary of State

Filed ____________, 2020

at _________ o'clock __M.

Secretary of State

By

Asst. Secretary of State

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