New Hampshire Revised Statutes 304-C:132 – Non-Dissolution of Limited Liability Company Upon Member Dissociation
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I. Unless the operating agreement provides otherwise and except as provided in paragraph II:
(a) The death, withdrawal, expulsion, bankruptcy, or dissolution of any member or the occurrence of any other event whose occurrence causes the dissociation of the member shall not cause the limited liability company to be dissolved or its internal affairs to be wound up; and
(b) Upon the occurrence of any such event, the limited liability company shall be continued without dissolution.
II. The resignation of the last remaining member of a limited liability company shall terminate the limited liability company’s existence as an entity.
(a) The death, withdrawal, expulsion, bankruptcy, or dissolution of any member or the occurrence of any other event whose occurrence causes the dissociation of the member shall not cause the limited liability company to be dissolved or its internal affairs to be wound up; and
Terms Used In New Hampshire Revised Statutes 304-C:132
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
(b) Upon the occurrence of any such event, the limited liability company shall be continued without dissolution.
II. The resignation of the last remaining member of a limited liability company shall terminate the limited liability company’s existence as an entity.