S.D. Codified Laws § 47-1A-732.5

Current through the 2024 Legislative Session

Section 47-1A-732.5 - Agreement not grounds for imposition of personal liability on shareholder for acts or debts of corporation

The existence or performance of an agreement authorized by § 47-1A-732 is not a ground for imposing personal liability on any shareholder for the acts or debts of the corporation even if the agreement or its performance treats the corporation as if it were a partnership or results in failure to observe the corporate formalities otherwise applicable to the matters governed by the agreement.

SDCL 47-1A-732.5

SL 2005, ch 239, §121.