<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 48-7A-1206 - Applicability. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069877Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069877SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069877CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069877Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069877DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069877Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069877000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069877SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069877SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2069877Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7A-1206"><span class="s2069877SENU">48-7A-1206</span></a><span xml:space="preserve" class="s2069877SENU">. </span><span class="s2069877CL">Applicability.</span></p><p dir="ltr" class="s2069877Normal-000000"><span class="s2069877DefaultParagraphFont">(a) Before July 1, 2001, this chapter governs only a partnership or limited liability partnership formed before July 1, 2001, that elects, as provided by subsection (c), to be governed by this chapter.</span></p><p dir="ltr" class="s2069877Normal-000001"><span class="s2069877DefaultParagraphFont">(b) On and after July 1, 2001, this chapter governs all partnerships and limited liability partnerships.</span></p><p dir="ltr" class="s2069877Normal-000001"><span class="s2069877DefaultParagraphFont">(c) Before July 1, 2001, a partnership voluntarily may elect, in the manner provided in its partnership or limited liability partnership agreement or by law for amending the partnership agreement, to be governed by this chapter. The provisions of this chapter relating to the liability of the partnership's partners or limited liability partnership's partners to third parties apply to limit those partners' liability to a third party who had done business with the partnership within one year before the partnership's election to be governed by this chapter, or under prior law, only if the third party knows or has received a notification of the partnership's election to be governed by this chapter.</span></p><p dir="ltr" class="s2069877Normal"><span xml:space="preserve" class="s2069877000002"> </span></p><p dir="ltr" class="s2069877Normal"><span class="s2069877SCL">Source:</span><span xml:space="preserve" class="s2069877SCL-000003"> SL 2001, ch 249, § 1206.</span></p></div></body></html>