FOR AN ACT ENTITLED, An Act to  amend the Uniform Limited Partnership Act to provide limited liability limited partnerships.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section  1.  That chapter 48-7 be amended by adding thereto a NEW SECTION to read as follows:

     48-7-1106. (a) A limited partnership may become a limited liability limited partnership by:

             (1)    Obtaining approval of the terms and conditions of the limited partnership becoming a limited liability limited partnership by the vote necessary to amend the limited partnership agreement except, in the case of a limited partnership agreement that expressly considers contribution obligations, the vote necessary to amend those provisions;

             (2)    Filing a statement of qualification under §  48-7A-1001(c) of the Uniform Partnership Act; and

             (3)    Having as the last words or letters of its name the words "Registered Limited Liability Limited Partnership," or the abbreviation "L.L.L.P.," or the designation "LLLP."

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     (b) A limited liability limited partnership continues to be the same entity that existed before the filing of a statement of qualification under §  48-7A-1001(c) of the Uniform Partnership Act.

     (c) Sections 48-7A-306(c) and 48-7A-307(b) of the Uniform Partnership Act apply to both general and limited partners of a limited liability limited partnership. Section 48-7-303 also applies to limited partners.