Download South Dakota Partnership Agreement Templates [PDF]

Read our comprehensive guide on how to draft the South Dakota partnership agreement by using our specially designed template.

Last update: 25 Jan 2024

Download South Dakota Partnership Agreement Templates [PDF]

The South Dakota partnership agreement is a legal document that defines and formalizes the rights and responsibilities of the business partners in their common business venture.

The partnership agreement or partnership contract includes information about each partner’s contribution to the partnership, their liabilities, the decision-making process, profit sharing, and more. This provides transparency and stability in the partnership’s operation.

Moreover, this document is often required by third parties in the process of business expansion or the application for a business loan.

The partnership agreement is also commonly referred to as the “partnership deed” or the “articles of partnership.”

South Dakota Partnership Agreement Types

This section provides a list of all partnership agreement types used in South Dakota:

Types of Purchase Agreement

  • General Partnership (GP): Here, all partners are able to participate in a decision-making process. However, when it comes to liability, they are all liable for the business operations with all of their personal assets. (§ 48-7A-901 to § 48-7A-903, and § 48-7A-906)

  • Limited Partnership (LP): This is a business partnership between one or more general partners, who have unlimited liability for the business operations and have decision-making powers, and one or more limited partners, who don’t have decision-making powers but have limited liability for the business operations. (§ 48-7A-901 to § 48-7A-908)

  • Limited Liability Partnership (LLP): The main feature of this type of business partnership is that all partners make decisions equally, and they are not liable for damages caused by the actions of other partners. (§ 48-7A-1001 to § 48-7A-1004.1)

South Dakota Partnership Agreement Requirements

In South Dakota, the partnership agreement format should include the following:

Mandatory Requirements

  • Full names and mailing addresses of business partners

  • Information on what type of business partnership is established

  • Details on the registered business activity of the partnership

  • Date of the partnership establishment

  • Rules on how the business entity will be managed

  • Details on how the profits are shared between the partners

  • Requirements that must be met before the partnership expansion

  • Information on the accounts of the business partnership

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