Washington Code 25.15.297 – Winding up
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(1) A limited liability company continues after dissolution only for the purpose of winding up its activities.
Terms Used In Washington Code 25.15.297
- 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.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
(2) In winding up its activities, the limited liability company:
(a) May file a certificate of dissolution with the secretary of state to provide notice that the limited liability company is dissolved; preserve the limited liability company’s business or property as a going concern for a reasonable time; prosecute and defend actions and proceedings, whether civil, criminal, or administrative, transfer the limited liability company’s property; settle disputes; and perform other necessary acts; and
(b) Shall discharge the limited liability company’s liabilities, settle and close the limited liability company’s activities, and marshal and distribute the assets of the limited liability company.
(3) The persons responsible for managing the business and affairs of a limited liability company under RCW 25.15.151 or 25.15.154 are responsible for winding up the activities of a dissolved limited liability company. If a dissolved limited liability company does not have any managers or members, the legal representative of the last person to have been a member may wind up the activities of the dissolved limited liability company, in which event the legal representative is a manager for the purposes of RCW 25.15.038.
(4) If the persons responsible for winding up the activities of a dissolved limited liability company under subsection (3) of this section decline or fail to wind up the limited liability company’s activities, a person to wind up the dissolved limited liability company’s activities may be appointed by the consent of a majority of the transferees. A person appointed under this subsection:
(a) Is a manager for the purposes of RCW 25.15.038; and
(b) Shall promptly amend the certificate of formation to state:
(i) The name of the person who has been appointed to wind up the limited liability company; and
(ii) The street and mailing address of the person.
(5) The superior court may order judicial supervision of the winding up, including the appointment of a person to wind up the dissolved limited liability company’s activities, if:
(a) On application of a member, the applicant establishes good cause; or
(b) On application of a transferee, a limited liability company does not have any managers or members and within a reasonable time following the dissolution no person has been appointed pursuant to subsection (3) or (4) of this section.
[ 2015 c 188 § 58.]