You know all those South Dakota trust companies who will make more money thanks to Kristi Noem’s falsely sold handouts to wealthy heirs? The South Dakota Legislature may make it a teeny tiny bit tougher for some of them to do business.
House Bill 1028, requested by the Department of Labor and Regulation, makes two teeny tiny expansions to our Banks and Banking title. Section 1 changes the definition of dividends to refer to distributions for a “limited liability company” instead of a “bank organized… as a limited liability company.” Perhaps now there are certain LLCs paying out dividends who say, “Hey! We’re not a bank, so the Division of Banking can’t regulate us!”
Section 2 says that to be exempt from the provisions of our trust chapters, in addition to several existing conditions, an entity must not use the word “trust” in its name. I don’t know if we currently have any “trusts” that aren’t “trusts” in the eyes of the law, but I suppose bringing reality and legality into closer alignment is always a good thing.
Trust companies are gonna find out what agriculture producers are gonna be finding out with NOem’s tax scam. https://www.nytimes.com/2018/01/07/us/politics/trump-farmers-agriculture-trade-taxes.html?_r=3 I think by the time that accountants give the bad news to small farm’s and ranches, they will be itching for the primaries to show how they respond to NOem’s treachery. I say Jackley by a landslide of double digits.
NOem’s big daddy is gonna make the rounds tomorrow to sell this piece of crap to the masses. The only thing that he is gonna be selling to applause is race baiting, certainly not help to our small farms and ranches. Big corporate outfits are gonna be just fine, as always.
“some other them” Composition error?
Boy, Bob, that’s one of my freakier typos! Sorry about that—thanks for spotting! I have edited the text appropriately.
Great reporting Cory. There is a real story here if we can unearth it.
Thanks, Leslie! The challenge here is that I’d never have found Esther Coopersmith’s name if I hadn’t gotten the name of her corporation and looked at the un-Googlable information on the business filings. We could start searching every corporate filing in SD to check the organizer/member/agent information to see how many big DC/NYC/etc. names might pop up, but that would be a time-consuming activity. Who wants to go fishing?
Cory is like Dutch reporters https://twitter.com/RGjournalist/status/951102206325002240 He looks for answers to questions. Some that have few clues. Ring that bell to keep him asking those questions, makes cents too me.