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Current as of January 01, 2024 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Montana Title 35. Corporations, Partnerships, and Associations § 35-8-903. Winding up - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-35-corporations-partnerships-and-associations/mt-st-35-8-903/
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.
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