South Dakota § 37-5B-8 - Start-up financial statements.
Full text of South Dakota South Dakota Codified Laws § 37-5B-8 — Start-up financial statements., with citation guidance and answers to common questions.
§ 37-5B-8. Start-up financial statements.
For the purposes of § 37-5B-7, a start-up franchise system that does not yet have audited financial statements, may phase-in the use of audited financial statements by providing, at a minimum, the following statements in the times indicated below:
(1) The franchisor's first partial or full fiscal year selling franchises: an unaudited opening balance sheet;
(2) The franchisor's second fiscal year selling franchises: audited balance sheet opinion as of the end of the first partial or full fiscal year selling franchises; and
(3) The franchisor's third and subsequent fiscal years selling franchises: all required financial statements for the previous fiscal year, plus any previously disclosed audited statements that still must be disclosed such as the franchisor's balance sheet for the previous two fiscal year-ends before the disclosure document issuance date and statements of operations, stockholders equity, and cash flows for each of the franchisor's previous three fiscal years.
Source: SL 2008, ch 203, § 8.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 37-5B-8
What does South Dakota Codified Laws § 37-5B-8 cover?
Section 37-5B-8 ("Start-up financial statements.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 37-5B-8?
A common citation format is "South Dakota Codified Laws § 37-5B-8" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 37-5B-8 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.