Procedures Upon Termination. Upon termination of the LLC, the Member shall proceed with reasonable promptness to liquidate the business of the LLC. After the payment of LLC debts, expenses of liquidation and any loans by the LLC, and after setting up of reasonable reserves for LLC liabilities, the balance of proceeds from liquidation shall be distributed to the Member, and the LLC shall be dissolved in accordance with the law of the State.
Appears in 11 contracts
Samples: Limited Liability Company Agreement (SLA Uno, Inc.), Limited Liability Company Agreement (SLA Uno, Inc.), Limited Liability Company Agreement (SLA Uno, Inc.)
Procedures Upon Termination. Upon termination of the LLC, the Member shall proceed with reasonable promptness to liquidate the business of the LLC. After the payment of LLC debts, expenses of liquidation and any loans by of the LLC, and after setting up of reasonable reserves for LLC liabilities, the balance of proceeds from liquidation shall be distributed to the Member, and the LLC shall be dissolved in accordance with the law of the State.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (SLA Uno, Inc.), Limited Liability Company Agreement (SLA Uno, Inc.)
Procedures Upon Termination. Upon termination of the LLC, LLC the Member shall proceed with reasonable promptness to liquidate the business of the LLC. After the payment of LLC debts, expenses of liquidation and any loans by the LLC, and after setting up of reasonable reserves for LLC liabilities, the balance of proceeds from liquidation shall be distributed to the Member, and the LLC shall be dissolved in accordance with the law of the State.
Appears in 1 contract
Samples: Limited Liability Company Agreement (SLA Uno, Inc.)
Procedures Upon Termination. Upon termination of the LLC, the Member shall proceed with reasonable promptness to liquidate the business of the LLC. After the payment of LLC debts, expenses of liquidation and any loans by the LLC, and after setting up of reasonable reserves for LLC liabilities, the balance of proceeds from liquidation shall be distributed to the Member, and the LLC shall be dissolved dissolved. in accordance with the law of the State.
Appears in 1 contract
Samples: Limited Liability Company Agreement (SLA Uno, Inc.)
Procedures Upon Termination. Upon termination of the LLC, the Member shall proceed with reasonable promptness to liquidate the business of the LLC. After the payment of LLC debts, expenses of liquidation and any loans by the LLC, and after setting up of reasonable reserves for LLC liabilities, the balance of proceeds from liquidation shall be he distributed to the Member, and the LLC shall be dissolved in accordance with the law of the State.
Appears in 1 contract
Samples: Limited Liability Company Agreement (SLA Uno, Inc.)
