§ 4-32-903 - Winding up. - Arkansas Statutes

4-32-903. Winding up.

Unless otherwise provided in writing in an operating agreement:

(1) The business or affairs of the limited liability company may be wound up:

(A) By the members or managers who have authority to manage the limited liability company prior to dissolution pursuant to 4-32-401; or

(B) If one (1) or more of such members or managers have engaged in wrongful conduct, or upon other cause shown, by a circuit 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.