Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of March 28, 2024 | Updated by Findlaw Staff
(a) A limited liability company may rescind its dissolution within 120 days after the election to dissolve unless:
(1) termination has become effective;
(2) a court has entered an order dissolving the limited liability company; or
(3) the Secretary of State has dissolved the limited liability company under § 4-38-708.
(b) Rescinding dissolution under this section requires:
(1) the affirmative vote or consent of each member; and
(2) if the limited liability company has delivered to the Secretary of State for filing a statement of dissolution and:
(A) the statement has not become effective, delivery to the Secretary of State for filing of a statement of withdrawal under § 4-38-208 applicable to the statement of dissolution; or
(B) if the statement of dissolution has become effective, delivery to the Secretary of State for filing of a statement of rescission stating the name of the company and that dissolution has been rescinded under this section.
(c) If a limited liability company rescinds its dissolution:
(1) the company resumes carrying on its activities and affairs as if dissolution had never occurred;
(2) subject to paragraph (3), any liability incurred by the company after the dissolution and before the rescission has become effective is determined as if dissolution had never occurred; and
(3) the rights of a third party arising out of conduct in reliance on the dissolution before the third party knew or had notice of the rescission may not be adversely affected.
Cite this article: FindLaw.com - Arkansas Code Title 4. Business and Commercial Law § 4-38-703. Rescinding dissolution - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-4-business-and-commercial-law/ar-code-sect-4-38-703/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)