This bill amends South Dakota law to allow for the direct creation of a limited liability limited partnership (LLLP). It modifies Section 48-7-1106 to clarify the process for an existing limited partnership to qualify as an LLLP, which includes obtaining necessary approvals, filing a statement of qualification, and ensuring the name includes specific designations. Additionally, the bill introduces a new section that allows for the formation of an LLLP by filing a certificate of limited liability limited partnership with the Secretary of State, which can be done electronically. The certificate must include specific information such as the name, addresses, and a statement of election to be an LLLP.

Furthermore, the bill specifies that the formation of an LLLP is effective upon filing the certificate or on a deferred effective date, if applicable. It also states that the entity will be recognized as both a limited partnership and a limited liability limited partnership for all purposes under the chapter. The new provisions are set to take effect on January 1, 2027.

Statutes affected:
Introduced, 01/20/2026: 48-7-1106
House Engrossed, 01/27/2026: 48-7-1106