{"data":{"id":"us-nj/n.j.-stat.-42-2c-49","jurisdiction":"us-nj","citation":"N.J. Stat. § 42:2C-49","heading":"Winding up.","body":"49.\tWinding Up.\na.\tA dissolved limited liability company shall wind up its activities, and the company continues after dissolution only for the purpose of winding up.\nb.\tIn winding up its activities, a limited liability company:\n(1)\tshall discharge the company's debts, obligations, or other liabilities, settle and close the company's activities, and marshal and distribute the assets of the company; and\n(2)\tshall:\n(a)\tdeliver to the filing office for filing a certificate of dissolution stating the name of the company and such other information as may be required by the filing office to correctly identify the company and that the company is dissolved;\n(b)\tpreserve the company activities and property as a going concern for a reasonable time;\n(c)\tprosecute and defend actions and proceedings, whether civil, criminal, or administrative;\n(d)\ttransfer the company's property;\n(e)\tsettle disputes by mediation or arbitration;\n(f)\tdeliver to the filing office for filing a statement of termination stating the name of the company and that the company is terminated; and\n(g)\tperform other acts necessary or appropriate to the winding up.\nc.\tIf a dissolved limited liability company has no members, the legal representative of the last person to have been a member may wind up the activities of the company.  If the person does so, the person has the powers of a sole manager under subsection c. of section 37 of this act and is deemed to be a manager for the purposes of paragraph (2) of subsection a. of section 30 of this act.\nd.\tIf the legal representative under subsection c. of this section declines or fails to wind up the company's activities, a person may be appointed to do so by the consent of transferees owning a majority of the rights to receive distributions as transferees at the time the consent is to be effective.  A person appointed under this subsection:\n(1)\thas the powers of a sole manager under subsection c. of section 37 of this act and is deemed to be a manager for the purposes of paragraph (2) of subsection a. of section 30 of this act; and\n(2)\tshall promptly deliver to the filing office for filing an amendment to the company's certificate of formation to:\n(a)\tstate that the company has no members;\n(b)\tstate that the person has been appointed pursuant to this subsection to wind up the company; and\n(c)\tprovide the street and mailing addresses of the person.\ne.\tThe Superior Court may order judicial supervision of the winding up of a dissolved limited liability company, including the appointment of a person to wind up the company's activities:\n(1)\ton application of a member, if the applicant establishes good cause;\n(2)\ton the application of a transferee, if:\n(a)\tthe company does not have any members;\n(b) the legal representative of the last person to have been a member declines or fails to wind up the company's activities; and\n(c)\twithin a reasonable time following the dissolution a person has not been appointed pursuant to subsection d. of this section; or\n(3)\tin connection with a proceeding under paragraph (4) or (5) of subsection a. of section 48 of this act.\nL.2012, c.50, s.49.","path":["TITLE 42 PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"ad7327f34097234a132c2e612f68869984e92338fc72c964c0dc0138a0a7de42","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-42-2c-48","next":"us-nj/n.j.-stat.-42-2c-50"},"notice":"GroundRules: Original legal text. Not legal advice."}