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Colorado Revised Statutes Title 7. Corporations and Associations § 7-80-803.3. Right to wind up business

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(1) After dissolution, the manager or, if there is no manager, any member may wind up the limited liability company's business, but on application of any member, member's legal representative, or member's assignee or transferee, the district court, for good cause shown, may order judicial supervision of the winding up.

(2) The legal representative, assignee, or transferee of the last remaining member may wind up the limited liability company's business if the limited liability company dissolves.

(3) A person winding up a limited liability company's business may preserve the business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, settle disputes, settle and close the limited liability company's business, dispose of and transfer the limited liability company's property, discharge or provide for obligations of the limited liability company, distribute the assets of the limited liability company pursuant to section 7-80-803 (1)(d) , and perform other necessary acts.

Cite this article: FindLaw.com - Colorado Revised Statutes Title 7. Corporations and Associations § 7-80-803.3. Right to wind up business - last updated January 01, 2019 | https://codes.findlaw.com/co/title-7-corporations-and-associations/co-rev-st-sect-7-80-803-3/


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