Upon the dissolution of the LLC, which member may participate in the winding up process? a. All past and present members. b. Any members who did not wrongfully dissociate. c. The most senior member

Question

Business

Brock Benitez

17 July, 20:15

Upon the dissolution of the LLC, which member may participate in the winding up process? a. All past and present members. b. Any members who did not wrongfully dissociate. c. The most senior member

+2

Answers (1)

Know the Answer?

Koen Flynn · Answer 1

b. Any members who did not wrongfully dissociate

Explanation:

During the dissolution process of a Limited Liability Company, all those members who did not wrongfully disassociate are entitled to participate in the winding up process.

Members of an LLC have to vote for mutually agreeing to dissolve the LLC.

In a limited liability company, the owners are only responsible to the extent of capital contributed by them and their personal assets cannot be taken away in the event of dissolution.