(a) As soon as reasonably practicable after a domestic entity is dissolved, the domestic entity shall:
(1) cease to carry on its business, except to the extent necessary to wind up its business;
(2) collect and sell its property to the extent the property is not to be distributed in kind to the domestic entity's owners or members; and
(3) perform any other act required to wind up its business and affairs.
(b) During the winding up process, the domestic entity may prosecute or defend a civil, criminal, or administrative action and perform any other act appropriate to wind up its business and affairs, including sending notice of the winding up to known claimants or publishing notice of the winding up to unknown claimants.
Last modified: May 3, 2021