47-11G-7. Personal liability--Exception.
An obligation of a corporation formed pursuant to this chapter, whether arising in contract, tort, or otherwise, is the obligation of the corporation and the individual whose act or omission gives rise to the obligation. No shareholder, director, officer, member, or manager is personally liable, directly or indirectly, by way of contribution or otherwise, for the obligation based solely on the person's capacity as a shareholder, director, officer, member, or manager.
The limitation of liability does not extend to amounts owed to this state or its political subdivisions for any taxes, or any penalty or interest on such taxes.
Source: SL 2022, ch 167, §7.
Structure South Dakota Codified Laws
Chapter 11G - Physical Therapy, Occupational Therapy, And Speech-Language Pathology Corporations
Section 47-11G-1 - Definition of terms.
Section 47-11G-3 - Formation of corporation--Powers and privileges.
Section 47-11G-4 - Name of corporation or limited liability company.
Section 47-11G-5 - Shareholders--Requirements.
Section 47-11G-6 - Directors and officers.
Section 47-11G-7 - Personal liability--Exception.
Section 47-11G-8 - Articles of incorporation--Shareholder and employee information.
Section 47-11G-11 - Standards of professional conduct—Compliance—Discipline.