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Home > For Small Business > Business Structures > Limited Liability Companies > South Carolina Code 33-44-803. Right to wind up limited liability company's business |
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South Carolina Code 33-44-803. Right to wind up limited liability company's business
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South Carolina Code > Title 33 > Chapter 44 > § 33-44-803 - Right to wind up limited liability company's business
Current as of: 2009
(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. (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 Section 33-44-806, settle disputes by mediation or arbitration, and perform other necessary acts. ________________________________________________________________________
See also: Related Articles: Limited Liability Companies
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