§428-805 Articles of termination.

291 words·~1 min read·/hi/chapter-428/428-805

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)At any time after dissolution and winding up, and when all debts, liabilities, and obligations of the limited liability company have been paid and discharged, or adequate provision has been made therefor, and all remaining property and assets of the limited liability company, if any, have been distributed to its members, a limited liability company may terminate its existence by delivering for filing with the director articles of termination stating:

(1)The name of the company;

(2)The dates the notice of intent to terminate was published pursuant to section 428-808 and the name of the newspaper publishing the notice, or a statement that publication was not made;

(3)That all debts, obligations, and liabilities of the limited liability company have been paid and discharged or that adequate provision has been made therefor;

(4)That all of the remaining property and assets of the limited liability company, if any, have been distributed among its members in accordance with their respective rights and interests;

(5)That there are no suits pending against the limited liability company in any court, or that adequate provision has been made for the satisfaction of any judgment, order, or decree which may be entered against it in any pending suit; and

(6)That the company's business has been wound up and the legal existence of the company has been terminated.

(b)The existence of a limited liability company is terminated upon the filing of the articles of termination or upon a later effective date which shall be not later than thirty days after the date of filing of the articles of termination, if specified in the articles of termination. [L 1996, c 92, pt of §1; am L 2000, c 219, §74]