31 M.R.S. §1596: Effect of dissolution

1. Existence; activities. Until the filing of a certificate of cancellation as provided in section 1533, a dissolved limited liability company continues its existence as a limited liability company but may not carry on any activities except as is appropriate to wind up and liquidate its activities and affairs, including:

A. Collecting the dissolved limited liability company's assets;

B. Disposing of the dissolved limited liability company's properties that will not be distributed in kind to persons owning transferable interests;

C. Discharging or making provisions for discharging the dissolved limited liability company's liabilities;

D. Distributing the dissolved limited liability company's remaining property in accordance with section 1601; and

E. Doing every other act necessary to wind up and liquidate the dissolved limited liability company's business and affairs.

2. No change upon dissolution. The dissolution of a limited liability company does not:

A. Transfer title to the limited liability company's property;

B. Prevent the commencement of a proceeding by or against the limited liability company in its limited liability company name;

C. Abate or suspend a proceeding pending by or against the limited liability company on the effective date of dissolution; or

D. Terminate the authority of the limited liability company's registered agent.