Iowa Code 489.709 – Procedure for and effect of administrative dissolution
Current as of: 2024 | Check for updates
|
Other versions
1. If the secretary of state determines that one or more grounds exist under section 489.708 for dissolving a limited liability company, the secretary of state shall serve the company with written notice of such determination under section 489.119.
Terms Used In Iowa Code 489.709
- Registered agent: means an agent of a limited liability company or foreign limited liability company which is authorized to receive service of any process, notice, or demand required or permitted by law to be served on the company. See Iowa Code 489.102
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Iowa Code 489.102
2. If the limited liability company does not correct each ground for dissolution or demonstrate to the reasonable satisfaction of the secretary of state that each ground determined by the secretary of state does not exist within sixty days after service of the notice under section 489.119, the secretary of state shall administratively dissolve the company by signing a certificate of dissolution that recites the ground or grounds for dissolution and its effective date. The secretary of state shall file the original of the certificate and serve a copy on the company under section 489.119.
3. A limited liability company administratively dissolved continues its existence but shall not carry on any business except that necessary to wind up and liquidate its business and affairs under section 489.702 and notify claimants under sections 489.704 and 489.705.
4. The administrative dissolution of a limited liability company does not terminate the authority of its registered agent.