Guam § 15122 - Effect of Filing of Statement of Intent to Dissolve;
Full text of Guam Guam Code Annotated § 15122 — Effect of Filing of Statement of Intent to Dissolve;, with citation guidance and answers to common questions.
§ 15122. Effect of Filing of Statement of Intent to Dissolve;
Procedure After Filing such Statement.
(a) Upon the filing by the Department of Revenue and
Taxation of a statement of intent to dissolve, the limited liability
company shall cease to carry on its business, except insofar as
may be necessary for the winding up of its business, but its
separate existence shall continue until a certificate of dissolution
has been issued by the Department of Revenue and Taxation or
until a decree dissolving the limited liability company has been
entered by a court of competent jurisdiction.
(b) Within 20 days after the Department of Revenue and
Taxation has filed a statement of intent to dissolve, the limited
liability company shall immediately cause notice thereof to be
mailed to each creditor of, and claimant against, the limited
liability company.
(c) The limited liability company shall proceed to collect its
assets; convey and dispose of such of its properties as are not to
be distributed in kind to its members; pay, satisfy, or discharge
its liabilities and obligations or make adequate provisions for the
payment or discharge thereof; and do all other acts required to
liquidate its business and affairs. After paying or discharging all
its obligations or making the adequate provision for payment or
discharge thereof, the limited liability company may distribute
the remainder of its assets, either in cash or in kind, among its
members according to their respective rights and interests.
Source: official Guam text · Last verified 2026-08-27
Frequently Asked Questions About Guam § 15122
What does Guam Code Annotated § 15122 cover?
Section 15122 ("Effect of Filing of Statement of Intent to Dissolve;") is part of the Guam Code Annotated, the codified statutory law of Guam. 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 Guam § 15122?
A common citation format is "Guam Code Annotated § 15122" (Guam). 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 Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 15122 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam 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 Guam.