29-784. Effect of signing articles of termination

 

(Rpld. 9/1/20)

 

On the filing of the articles of termination the existence of the limited liability company ceases, except for the purpose of suits, other proceedings and appropriate action as provided in this chapter. The managers in office at the time of termination or, if none, the members may distribute any of the limited liability company's property discovered after termination, may convey real estate and may take other action as necessary on behalf of and in the name of the terminated limited liability company to wind up and liquidate the business and affairs of the limited liability company.