Statement of Partnership Authority - South Dakota

Statement of Partnership Authority is a legal document that was released by the South Dakota Secretary of State - a government authority operating within South Dakota.

FAQ

Q: What is a Statement of Partnership Authority?
A: A Statement of Partnership Authority is a legal document that identifies the partners of a partnership and provides details about the partnership's operations.

Q: Who needs to file a Statement of Partnership Authority in South Dakota?
A: All partnerships operating in South Dakota need to file a Statement of Partnership Authority with the Secretary of State.

Q: What information is required in a Statement of Partnership Authority?
A: The Statement of Partnership Authority must include the names and addresses of the partners, the name of the partnership, and a description of the partnership's business activities.

Q: How much does it cost to file a Statement of Partnership Authority in South Dakota?
A: The filing fee for a Statement of Partnership Authority in South Dakota is $50.

Q: What is the purpose of filing a Statement of Partnership Authority?
A: Filing a Statement of Partnership Authority creates a public record of the partnership and establishes legal proof of its existence.

Q: When does a Statement of Partnership Authority need to be filed?
A: A Statement of Partnership Authority must be filed within 90 days of the formation of the partnership or within 90 days of any changes to the information in the statement.

Q: Is a Statement of Partnership Authority required to be renewed?
A: No, a Statement of Partnership Authority does not need to be renewed. However, if there are any changes to the information in the statement, an amended statement should be filed.

Q: Can a partnership operate without filing a Statement of Partnership Authority?
A: No, all partnerships operating in South Dakota are required to file a Statement of Partnership Authority in order to legally conduct business.

Q: What happens if a partnership fails to file a Statement of Partnership Authority?
A: If a partnership fails to file a Statement of Partnership Authority, it may lose certain legal rights and protections, and the partners may be personally liable for the partnership's debts and obligations.