Monday, July 23, 2018

Winding Up Affairs of a Company


Can a dissolve company sign a deed or other items to wrap up their affairs if they are dissolved.  The answer in Mississippi seems to be yes.  Mississippi Code 79-29-809 (2) provides that for limited liability companies, they can:  "(2) Upon dissolution of a limited liability company, the persons winding-up the limited liability company's affairs may, in the name of, and for and on behalf of, the limited liability company, prosecute and defend suits, whether civil, criminal or administrative, gradually settle and close the limited liability company's business, dispose of and convey the limited liability company's property, discharge or make reasonable provision for the limited liability company's liabilities, and distribute to the members any remaining assets of the limited liability company, all without affecting the liability of members and managers and without imposing liability on a liquidating trustee."

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