35-8-903. Winding up.
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/mt/title-35/chapter-8/part-9/35-8-903·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
35-8-903 . Winding up.
(1)Except as otherwise provided in the articles of organization or the operating agreement, the business or affairs of the limited liability company may be wound up:
(a)by the members or managers who have authority under 35-8-304 to manage the limited liability company prior to dissolution; or
(b)if one or more of the members or managers have engaged in wrongful conduct or upon other cause shown, by the district court on application of any member or any member's legal representative or assignee.
(2)The persons winding up the business or affairs of the limited liability company may, in the name of and for and on behalf of the limited liability company:
(a)prosecute and defend suits;
(b)settle and close the business of the limited liability company;
(c)dispose of and transfer the property of the limited liability company;
(d)discharge the liabilities of the limited liability company; and
(e)distribute to the members any remaining assets of the limited liability company.