§ 3061 - Continuation of term limited liability company beyond expiration of stated duration - Vermont Statutes

§ 3061. Continuation of term limited liability company beyond expiration of stated duration

(a) If a term limited liability company is continued after the expiration of its term, the rights and duties of the members and managers, if any, remain the same as they were at the expiration of the term except to the extent inconsistent with rights and duties of members and managers of an at-will limited liability company.

(b) If the members in a member-managed limited liability company or the managers in a manager-managed company continue the business without any winding up of the business of the company, it continues as an at-will company. (Added 1995, No. 179 (Adj. Sess.), § 4.)