Signed by Governor Kristi Noem

Vote Smart's Synopsis:

Vote to pass a bill that authorizes LLC's for physical and speech therapists.

Highlights:

• Defines “cooporation” and “incorporations” for companies of therapists (Sec. 1).

• Authorizes one or more therapist of physical, speech, occupational may form a corporation (Sec. 2).

• Establishes that corporations must be orgainized for their purposes and exercise the powers allowed by the state (Sec. 3).

• Establishes that the name of the corporation must contain the words “professional company” or abbreviations (Sec. 4).

• Authorizes that all shareholders must be licences in the state (Sec. 5). 

• Establishes that the president of the company must be a licensed share holder (Sec. 6).

• Establishes that no individual is personally liable for the company (Sec. 7).

• Authorizes the Secretary of State to certify companies and licences (Sec. 8).

• Authorizes corporations to establish pensions, healthy insurence, or welfare for employees (Sec. 9).

• Prohibits corporations from violating conduct established by their professions (Sec. 10).

Full Bill Text