{"data":{"id":"us-al/ala.-code-10a-5-7.03","jurisdiction":"us-al","citation":"Ala. Code § 10A-5-7.03","heading":"Winding Up. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017.","body":"(a) Except as otherwise provided in the governing documents, the members who have not wrongfully dissolved a limited liability company may wind up the limited liability company’s business and affairs.\n(b) A person winding up a limited liability company’s business may: Preserve the company business or property as a going concern for a reasonable time; prosecute and defend actions and proceedings, whether civil, criminal, or administrative; settle and close the limited liability company’s business; dispose of and transfer property; discharge the limited liability company’s liabilities; distribute the assets of the limited liability company pursuant to Section 10A-5-7.05; and perform other necessary and appropriate acts.","path":["Title 10A Alabama Business and Nonprofit Entities Code.","Chapter 5 Limited Liability Companies.","Article 7 Dissolution."],"source_url":"https://alison.legislature.state.al.us/code-of-alabama?section=10A-5-7.03","current_through":"Act 2026-611","vintage":"","retrieved_at":"2026-09-03T14:01:53Z","sha256":"fa2331a119d768fddc0df7eb87718f543bcbce4792ff26b5793b33e79edcbc82","source_id":"us-al","stale":false,"prev":"us-al/ala.-code-10a-5-7.02","next":"us-al/ala.-code-10a-5-7.04"},"notice":"GroundRules: Original legal text. Not legal advice."}