Definition of terms

Terms used in this chapter shall also include the following terms: (1) "Articles of incorporation," the articles of organization of a limited liability company; (2) "Corporation," both corporations under the South Dakota Business Corporations Act and limited liability companies under the South Dakota Limited Liability Company Act; (3) "Director" or "officer," any manager of a limited liability company or the members of a limited liability company that does not have managers; (4) "Incorporation," the members of a limited liability company; (5) "Shareholders," the members of a limited liability company; (6) "Shares" or "stock," membership interests in a limited liability company. Source: SL 2000, ch 222, § 3.