Get Answers to Your Highest Priority South Dakota Legal Questions
Have questions? We have answers! Our South Dakota attorneys answer the questions they hear most often from clients just like you.
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In South Dakota, what is the difference between a general partnership and limited partnership?
A general partnership is formed by default, whenever two people work together on a business in a way that indicates a partnership has been established. Some factors that indicate a partnership formation include: sharing of work, sharing of profits/losses, sharing of business capitalization, and holding the business out as a partnership to the general public. Of course, in addition to a partnership formed by action, a business can also file an official record indicating the formation of a general partnership.
In contrast to a general partnership, a limited partnership may only be formed through specific legal filings. These filings are known as a “certificate of limited partnership” and are filed with the South Dakota Secretary of State's Office. The name of the business organization must contain the words limited partnership, or an abbreviation such as LP. A limited partnership must also contain at least one limited partner and one general partner.
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What is the economic impact of the agricultural industry in South Dakota?
South Dakota’s agriculture industry has a $20.9 billion economic impact each year. With more than 19 million acres of cropland and 23 million acres of pastureland, our farmers and ranchers are one of our economy’s key drivers.
In addition to generating 20% of our state’s economic activity, production agriculture and its value added industries employ over 80,000 South Dakotans.
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Does South Dakota Have an Open Range Law?
For many years, certain portions of South Dakota were designated as "open range." These specific laws allowed for cattle to range without fences. These laws were repealed in 1980.