SDCL 10-46A-13 Personal Liability of Officers, Managers, Or Partners of Entity Failing to File Returns Or Pay Tax-Security In Lieu of Liability-Bonded Municipal Officials Exempt

• Library: South Dakota Statutes
• Edition: 2023
• Currency: Current through the 2023 Legislative Session
• Year: 2023
• Citation: SDCL 10-46A-13

If a corporation, limited liability company, limited partnership, limited li...

If the corporate officers, limited liability company member-managers or managers, or partners elect not to be personally liable for the failure to file the required returns or to pay the tax due, the corporation, limited liability company, limited partnership, limited liability partnership, or limited liability limited partnership shall provide the Department of Revenue with a surety bond or certificate of deposit as security for payment of any tax that may become due. The bond or certificate of deposit provided for in this section shall be in an amount equal to the estimated annual gross receipts multiplied by the applicable sales or excise tax rate. This section does not apply to elected or appointed officials of a municipality if bonded pursuant to §§ 9-14-6 and 9-14-6.1.

Cite as SDCL 10-46A-13

Source: SL 1981, ch 105; SL 1982, ch 120, § 1; SL 2003, ch 272 (Ex. Ord. 03-1), § 82; SL 2009, ch 49, § 4; SL 2011, ch 1 (Ex. Ord. 11-1), § 35, eff. Apr. 12, 2011.