Arkansas § 4-32-903 - Winding up.
Full text of Arkansas Arkansas Code of 1987 Annotated § 4-32-903 — Winding up., with citation guidance and answers to common questions.
§ 4-32-903. Winding up.
Unless otherwise provided in writing in an operating agreement: The business or affairs of the limited liability company may be wound up: By the members or managers who have authority to manage the limited liability company prior to dissolution pursuant to § 4-32-401; or 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. 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: Prosecute and defend suits; Settle and close the business of the limited liability company; Dispose of and transfer the property of the limited liability company; Discharge the liabilities of the limited liability company; and Distribute to the members any remaining assets of the limited liability company.
Frequently Asked Questions About Arkansas § 4-32-903
What does Arkansas Code of 1987 Annotated § 4-32-903 cover?
Section 4-32-903 ("Winding up.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 4-32-903?
A common citation format is "Arkansas Code of 1987 Annotated § 4-32-903" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 4-32-903 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.