1. A dissolved corporation continues its corporate existence but may not carry on any business, except that appropriate to wind up and liquidate its business and affairs, including:

    1. Collecting its assets;
    2. Conveying and disposing of its properties that will not be distributed in kind to its shareholders;
    3. Terms Used In Tennessee Code 48-24-105

      • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
      • board of directors: means the governing board of a corporation, whether denominated the board of directors or otherwise, except that no person or group of persons is the board of directors because of powers delegated to that person or group pursuant to §. See Tennessee Code 48-51-201
      • Business: includes every trade, occupation, profession, investment activity and other lawful purpose for gain or the preservation of assets whether or not carried on for profits. See Tennessee Code 48-202-101
      • Bylaws: means the code or codes of rules (other than the charter) adopted pursuant to Chapters 51 68 of this title for the regulation or management of the affairs of the corporation irrespective of the name or names by which such rules are designated. See Tennessee Code 48-51-201
      • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
      • Directors: means natural persons, designated in the charter or bylaws or elected or appointed by the incorporators, and their successors and natural persons elected or appointed to act as members of the board, irrespective of the names or titles by which such persons are described. See Tennessee Code 48-51-201
      • Dissolution: means that the LLC has incurred an event under §. See Tennessee Code 48-202-101
      • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
      • Proceeding: includes civil suit and criminal, administrative, and investigatory action. See Tennessee Code 48-202-101
      • Property: includes both personal and real property. See Tennessee Code 1-3-105
      • Quorum: The number of legislators that must be present to do business.
      • Share: means the unit into which the proprietary interests in a corporation are divided. See Tennessee Code 48-11-201

    4. Discharging or making provision for discharging its liabilities;
    5. Distributing its remaining property among its shareholders according to their interests; and
    6. Doing every other act necessary to wind up and liquidate its business and affairs.
  2. Dissolution of a corporation does not:

    1. Transfer title to the corporation’s property;
    2. Prevent transfer of its shares or securities, although the authorization to dissolve may provide for closing the corporation’s share transfer records;
    3. Subject its directors or officers to standards of conduct different from those prescribed in chapter 18 of this title;
    4. Change quorum or voting requirements for its board of directors or shareholders; change provisions for selection, resignation, or removal of its directors or officers or both; or change provisions for amending its bylaws;
    5. Prevent commencement of a proceeding by or against the corporation in its corporate name;
    6. Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or
    7. Terminate the authority of the registered agent of the corporation.