South Dakota § 47-34A-501 Member's distributional interest.

South Dakota Statutes

§ 47-34A-501 — Member's distributional interest.

South Dakota·Title 47 CORPORATIONS·Ch. 47-34 UNIFORM LIMITED LIABILITY COMPANY ACT

(a)A member is not a co - owner of, and has no transferable interest in, property of a limited liability company.

(b)A distributional interest in a limited liability company is personal property and, subject to § 47-34A-502 and § 47-34A-503 , may be transferred in whole or in part.

(c)An operating agreement may provide that a distributional interest may be evidenced by a certificate of the interest issued by the limited liability company and, subject to § 47-34A-503 , may also provide for the transfer of any interest represented by the certificate.

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(a) A member is not a co - owner of, and has no transferable interest in, property of a limited liability company. (b) A distributional interest in a limited liability company is personal property and, subject to § 47-34A-502 and § 47-34A-503 , may be transferred in whole or in part. (c) An operating agreement may provide that a distributional interest may be evidenced by a certificate of the interest issued by the limited liability company and, subject to § 47-34A-503 , may also provide for the transfer of any interest represented by the certificate.

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