Updated February 12, 2022
A South Dakota partnership agreement is a contract that lays out how a business operates under two or more parties. It normally details duration, ownership interests, liabilities, dispute resolution, and dissolution. The content must be thorough to limit future confusion.
Partnership Types
- General Partnerships (GP) – § 48-7A-901 – § 48-7A-903, § 48-7A-906
- Limited Partnership (LP) – Chapter 48-7A, Article 9 (§§ 901-908)
- Limited Liability Partnership (LLP) – Chapter 48-7A, Article 10 (§§ 1001-1004.1)
- Limited Liability Limited Partnership (LLLP) – § 48-7-1106
- Limited Liability Companies (LLC) – Chapter 47-34A (§§ 101-1207)