Winding Up the LLC

I now repeat in each LLC Operating Agreement the LLC Act’s rules on the proper procedure for winding up an LLC. My operating agreements did not include this when I organized “Form” LLCs.

The rules are repeated in the LLC Operating Agreement because LLC owner/members must follow them exactly for LLC owner/members to gain statutory protection for their personal assets against late claims against the LLC after it has been dissolved.

My LLC Operating Agreements now also warn LLC owner/members to check the LLC Act at the time of winding up to insure the applicable statutes have not been amended as I doubt LLC owner/members will stay current on amendments to the LLC Act (except perhaps if alerted to them by my firm’s E-Mail Updates).

“Good-night, good-night! parting is such sweet sorrow....” William Shakespeare, Romeo and Juliet, Act II. Scene ii. Line 28 .