South Dakota § 48-7-101 - Definitions.
Full text of South Dakota South Dakota Codified Laws § 48-7-101 — Definitions., with citation guidance and answers to common questions.
§ 48-7-101. Definitions.
Terms used in this chapter mean:
(1) "Certificate of limited partnership," the certificate referred to in § 48-7-201, and the certificate as amended or restated;
(2) "Contribution," any cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services, which a partner contributes to a limited partnership in the partner's capacity as a partner;
(3) "Event of withdrawal of a general partner," an event that causes a person to cease to be a general partner as provided in § 48-7-402;
(4) "Foreign limited partnership," a partnership formed under the laws of any state other than South Dakota and having as partners one or more general partners and one or more limited partners;
(5) "General partner," a person who has been admitted to a limited partnership as a general partner in accordance with the partnership agreement and named in the certificate of limited partnership as a general partner;
(6) "Limited partner," a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement;
(7) "Limited partnership" and "domestic limited partnership," a partnership formed by two or more persons under the laws of South Dakota and having one or more general partners and one or more limited partners;
(8) "Partner," a limited or general partner;
(9) "Partnership agreement," any valid agreement written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business;
(10) "Partnership interest," a partner's share of the profits and losses of a limited partnership and the right to receive distributions of partnership assets;
(11) "Person," a natural person, partnership, limited partnership (domestic or foreign), trust, estate, association, limited liability company (domestic or foreign), or corporation;
(12) "State," a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.
Source: SL 1986, ch 391, § 101; SL 1994, ch 351, § 131.
Frequently Asked Questions About South Dakota § 48-7-101
What does South Dakota Codified Laws § 48-7-101 cover?
Section 48-7-101 ("Definitions.") 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 § 48-7-101?
A common citation format is "South Dakota Codified Laws § 48-7-101" (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 § 48-7-101 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.