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 include a new provision that permits the formation of an LLLP by filing a certificate of limited liability limited partnership directly with the secretary of state, rather than requiring an existing limited partnership to first qualify as an LLLP. The bill outlines the necessary components of the certificate, including the name of the partnership, addresses, and a statement electing to be an LLLP, and specifies that the formation is effective upon filing or on a deferred date.

Additionally, the bill introduces a new section to Chapter 48-7, detailing the requirements for the certificate of limited liability limited partnership. It allows for electronic transmission of the certificate and mandates that the name of the partnership must include specific designations indicating its status as an LLLP. The bill is 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
Enrolled, 02/26/2026: 48-7-1106