Rhode Island General Laws 7-16-45. Winding up
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(a) Except as otherwise provided in the articles of organization or operating agreement, the members who have not wrongfully dissolved a limited-liability company may wind up the limited-liability company’s business and affairs.
Terms Used In Rhode Island General Laws 7-16-45
- Articles of organization: means documents filed under § 7-16-5 for the purpose of forming a limited-liability company. See Rhode Island General Laws 7-16-2
- Business: means any trade, occupation or other commercial activity engaged in for gain, profit or livelihood for which a corporation can be organized under chapter 1. See Rhode Island General Laws 7-16-2
- Court: includes every court and judge having jurisdiction in the case. See Rhode Island General Laws 7-16-2
- Member: means a person with an ownership interest in a limited-liability company with the rights and obligations specified under this chapter. See Rhode Island General Laws 7-16-2
- Operating agreement: means any agreement, written or oral, of the members as to the affairs of a limited-liability company and the conduct of its business. See Rhode Island General Laws 7-16-2
(b) On application by or on behalf of a member, the member’s legal representative or assignee, the superior court may wind up the limited-liability company’s business and affairs.
History of Section.
P.L. 1992, ch. 280, § 1.