South Carolina Code 33-44-803. Right to wind up limited liability company’s business
Current as of: 2023 | Check for updates
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(a) After dissolution, a member who has not wrongfully dissociated may participate in winding up a limited liability company’s business, but on application of any member, member’s legal representative, or transferee, the circuit court, for good cause shown, may order judicial supervision of the winding up.
(b) A legal representative of the last surviving member may wind up a limited liability company’s business.
Terms Used In South Carolina Code 33-44-803
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
(c) A person winding up a limited liability company’s business may preserve the company’s business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, settle and close the company’s business, dispose of and transfer the company’s property, discharge the company’s liabilities, distribute the assets of the company pursuant to § 33-44-806, settle disputes by mediation or arbitration, and perform other necessary acts.