Effect of dissolution

7-80-803. Effect of dissolution. (1) A dissolved limited liability company continues its existence as a limited liability company but shall not carry on any business except as is appropriate to wind up and liquidate its business and affairs, including: (a) Collecting its assets; (b) Disposing of its properties that will not be distributed in kind to its members; (c) Discharging or making provision for discharging its liabilities; (d) Distributing its remaining property among its members; and (e) Doing every other act necessary to wind up and liquidate its business and affairs. (2) A dissolved limited liability company may dispose of claims against it pursuant to sections 7-90-911 and 7-90-912. Source: L. 2003: Entire part R&RE, p. 2269, � 192, effective July 1, 2004. L. 2006: (2) added, p. 863, � 35, effective July 1. Editor's note: This section is similar to former � 8-80-807 as it existed prior to 2004.