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4-32-903. Winding up.
Arkansas Code — all titles (historical 2020) · legal_authorities
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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-32-903
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:4-32-903
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3c58dc99fd47148b0d3b4884de43d6302ce58d29ca236b1cd778095ddd9532a7
Source location: content.xml paragraph 21336
Stored source content
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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-32-401. Management.
(a) With respect to persons other than members, management of the affairs of the limited liability company shall be governed by § 4-32-301.
(b) Unless otherwise provided in an operating agreement, with respect to members, management of the affairs of the limited liability company shall be governed by § 4-32-301.
(c) Unless otherwise provided in an operating agreement, managers:
(1) Shall be designated, appointed, elected, removed, or replaced by a vote, approval, or consent of more than one-half (½) by number of the members;
(2) Need not be members of the limited liability company or natural persons; and
(3) Unless they are sooner removed or sooner resign, shall hold office until their successors shall have been elected and qualified.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-32-401
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-32-401. This identifies an authority to review, not proof of applicability.