South Dakota Statutes
§ 48-7-304 — Person erroneously believing himself limited partner.
South Dakota § 48-7-304
This text of South Dakota § 48-7-304 (Person erroneously believing himself limited partner.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
S.D. Codified Laws § 48-7-304 (2026).
Text
(a)Except as provided in this section, a person who makes a contribution to a business enterprise and erroneously but in good faith believes that he has become a limited partner in the enterprise is not a general partner in the enterprise and is not bound by its obligations by reason of making the contribution, receiving distributions from the enterprise, or exercising any rights of a limited partner, if, on ascertaining the mistake, he:
(1)Causes an appropriate certificate of limited partnership or certificate of amendment to be executed and filed; or (2) Withdraws from future equity participation in the enterprise by executing and filing in the office of the secretary of state a certificate declaring withdrawal under this section.
(b)A person who makes a contribution of the kind
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Legislative History
SL 1986, ch 391, §§ 304(a), 304(b).
Nearby Sections
15
§ 48-7-1001
Right of action.§ 48-7-1002
Proper plaintiff.§ 48-7-1003
Pleading.§ 48-7-1004
Expenses.§ 48-7-101
Definitions.§ 48-7-102
Name.§ 48-7-103
Reservation of name.§ 48-7-104
Specified office and agent.§ 48-7-105
Records to be kept.§ 48-7-106
Nature of business.§ 48-7-1101
Construction and application.§ 48-7-1102
Short title.§ 48-7-1103
Severability.Cite This Page — Counsel Stack
Bluebook (online)
South Dakota § 48-7-304, Counsel Stack Legal Research, https://law.counselstack.com/statute/sd/48-7-304.