Bill > HB1096

This bill allows for the direct creation of a limited liability limited partnership, which is a type of business structure that combines features of a limited partnership and a limited liability company, offering liability protection to its partners. Previously, an existing limited partnership had to go through a process to qualify as a limited liability limited partnership by obtaining partner approval, filing a statement of qualification, and ensuring its name included specific designations like "L.L.L.P." or "LLLP." This bill amends existing law to allow for this qualification process and also introduces a new method where a limited liability limited partnership can be formed directly by filing a certificate with the secretary of state, which must include its name with the appropriate designation, the address of its chief executive office, and a statement electing to be a limited liability limited partnership, with the formation becoming effective upon filing or a specified later date. The bill also clarifies that certain provisions of the Uniform Partnership Act regarding partner liability apply to both general and limited partners in a limited liability limited partnership, and it will take effect on January 1, 2027.

Business and Industry, Justice

https://sdlegislature.gov/#/Session/Bill/26692