A South Dakota PFTC is typically a family-owned South Dakota LLC which is authorized by the South Dakota Division of Banking to be a PFTC and serve as the trustee for the family trusts. These trusts may be both South Dakota law trusts as well as non-South Dakota law trusts.
The governance of the PFTC is generally structured like a corporation (i.e., board of managers/directors. distribution committee, investment committee). All of these committees are generally appointed by the PFTC board and generally are made up of family members and their trusted advisors. A minimum of three board members must be chosen and one board member must be a South Dakota resident. Typically, SDTC Services serves as the South Dakota resident board member.