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Agreement not grounds for imposition of personal liability on shareholder for acts or debts of corporation.

SDCL § 47-1A-732.5
in effect
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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. SL 2005, ch 239, § 121.
Source: South Dakota Legislature (sdlegislature.gov)URL: https://sdlegislature.gov/Statutes/47-1A-732.5Fetched: 10/20/2026

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