Colorado § 7-80-803 - Effect of dissolution.
Full text of Colorado Colorado Revised Statutes § 7-80-803 — Effect of dissolution., with citation guidance and answers to common questions.
§ 7-80-803. Effect of dissolution.
(1) A dissolved limited liability company continues its existence as a limited liability company but shall not carry on any business except as is appropriate to wind up and liquidate its business and affairs, including:
(a) Collecting its assets;
(b) Disposing of its properties that will not be distributed in kind to its members;
(c) Discharging or making provision for discharging its liabilities;
(d) Distributing its remaining property among its members; and
(e) Doing every other act necessary to wind up and liquidate its business and affairs.
(2) A dissolved limited liability company may dispose of claims against it pursuant to sections 7-90-911 and 7-90-912.
Source: L. 2003: Entire part R&RE, p. 2269, § 192, effective July 1, 2004. L. 2006: (2) added, p. 863, § 35, effective July 1.
Editor's note: This section is similar to former § 8-80-807 as it existed prior to 2004.
ANNOTATION
A pending contingency fee agreement case is business of a dissolved LLC. LaFond v. Sweeney, 2015 CO 3, 343 P.3d 939.
Frequently Asked Questions About Colorado § 7-80-803
What does Colorado Revised Statutes § 7-80-803 cover?
Section 7-80-803 ("Effect of dissolution.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. 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 Colorado § 7-80-803?
A common citation format is "Colorado Revised Statutes § 7-80-803" (Colorado). 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 Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 7-80-803 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado 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 Colorado.