35-8-914. Involuntary dissolution -- procedure.
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35-8-914 . Involuntary dissolution -- procedure.
(1)A limited liability company that is guilty of any of the actions or omissions described in 35-8-209
(1)is in default. By reason of the default, the limited liability company may be involuntarily dissolved by order of the secretary of state, thereby forfeiting its right to transact any business in this state.
(2)On or before September 1 of each year, the secretary of state shall compile a list of defaulting limited liability companies, together with the amount of any filing fee, penalty, or costs remaining unpaid.
(3)The secretary of state shall give notice to the defaulting limited liability companies by:
(a)delivering a letter addressed to the limited liability company in care of its registered agent or any director or officer; or
(b)publication of a general notice to all Montana limited liability companies once a month for 3 consecutive months in a newspaper of general circulation in Lewis and Clark County.
(4)The notice referred to in subsection
(3)must specify the fact of the proposed dissolution and state that unless the grounds for dissolution described in 35-8-209 have been rectified within 90 days following the delivery or publication of notice:
(a)the secretary of state will dissolve the defaulting limited liability company;
(b)a defaulting limited liability company will forfeit the amount of any tax, penalty, or costs to the state of Montana; and
(c)a defaulting limited liability company will forfeit its right to carry on business within the state.
(5)After 90 days following delivery or publication of each notice, the secretary of state may, by order, dissolve a limited liability company that has not satisfied the requirements of applicable law and compile a full and complete list containing the names of all limited liability companies that have been so dissolved. The secretary of state shall immediately give notice to the dissolved limited liability companies as specified in subsection (3).
(6)In the case of involuntary dissolution, all the property and assets of a dissolved limited liability company must be held in trust by the members or managers of the limited liability company and the limited liability company may carry on business only as necessary to wind up and liquidate its business and affairs under 35-8-901 and to notify claimants under 35-8-908 and 35-8-909 .
(7)The administrative dissolution of a limited liability company does not terminate the authority of its registered agent for service of process.