Skip to main content
CourtGPT logoCourtGPT
Directory
Law
For Attorneys
Blog
AppointmentsSign InSign Up
§ 1802 — 1802 — U.S. Virgin Islands Law | CourtGPT
  1. Home/
  2. Laws/
  3. U.S. Virgin Islands/
  4. Title 13/
  5. Chapter 15/
  6. Subchapter Viii/
  7. 1802
U.S. Virgin Islands Legal Code

1802

U.S. Virgin Islands § 1802 — U.S. Virgin Islands law

Ask AI about this
(a) Subject to subsection (b) of this section, a limited liability company continues after dissolution only for the purpose of winding up its business.\n(b) At any time after the dissolution of a limited liability company and before the winding up of its business is completed, the members, including a dissociated member whose dissociation caused the dissolution, may unanimously waive the right to have the company's business wound up and the company terminated. In that case:\n(1) the limited liability company resumes carrying on its business as if dissolution had never occurred and any liability incurred by the company or a member after the dissolution and before the waiver is determined as if the dissolution had never occurred; and\n(2) the rights of a third party accruing under section 1804, subsection (a) of this chapter or arising out of conduct in reliance on the dissolution before the third party knew or received a notification of the waiver are not adversely affected.