SDCL § 48-7-1106: Limited liability limited partnership--Qualification or formation--Applicability of liability and chapter provisions.

A limited liability limited partnership may be qualified or formed as follows:

(1) An existing limited partnership, in order to qualify as a limited liability limited partnership, must:

(a) Obtain approval of the terms and conditions of the limited partnership becoming a limited liability limited partnership by the vote necessary to amend the limited partnership agreement, except in a limited partnership with an agreement that expressly considers contribution obligations, in which case by the vote necessary to amend the contribution obligation provisions;

(b) File a statement of qualification pursuant to § 48-7A-1001;

(c) Have as the last words or letters of its name the words "Registered Limited Liability Limited Partnership," or the abbreviation "L.L.L.P.," or the designation "LLLP;" and

(d) Continue as the same entity that existed before the filing of a statement of qualification pursuant to § 48-7A-1001(c).

(2) Alternatively, a limited liability limited partnership may be formed directly by filing a certificate of limited liability limited partnership pursuant to § 48-7-1107.

Subsections 48-7A-306(c) and 48-7A-307(b) apply to both general and limited partners of a limited liability limited partnership. § 48-7-303 also applies to limited partners. Upon qualification or formation, the entity is a limited partnership and a limited liability limited partnership for all purposes of this chapter.