Section 489.709 - Procedure for and effect of administrative dissolution1. If the secretary of state determines that one or more grounds exist under section 489.708 for dissolving a limited liability company, the secretary of state shall serve the company with written notice of such determination under section 489.119.2. If the limited liability company does not correct each ground for dissolution or demonstrate to the reasonable satisfaction of the secretary of state that each ground determined by the secretary of state does not exist within sixty days after service of the notice under section 489.119, the secretary of state shall administratively dissolve the company by signing a certificate of dissolution that recites the ground or grounds for dissolution and its effective date. The secretary of state shall file the original of the certificate and serve a copy on the company under section 489.119.3. A limited liability company administratively dissolved continues its existence but shall not carry on any business except that necessary to wind up and liquidate its business and affairs under section 489.702 and notify claimants under sections 489.704 and 489.705.4. The administrative dissolution of a limited liability company does not terminate the authority of its registered agent.Added by 2023 Iowa, ch 152, s 63, eff. 1/1/2024.Referred to in §489.708
Section effective January 1, 2024; 2023 Acts, ch 152, §161
NEW section