Dissolution and Winding Up
Cal. CORP § 17707.02
California Statutes
(
a) Notwithstanding any other provision of this title, if a domestic limited liability company has not conducted any business, 50 percent or more of the voting interests of the members, or, if there are no members, 50 percent or more of the voting interests of the managers, if any, or if no members or managers, the person or percent or more of the persons signing the articles of organization, may execute and acknowledge a certificate of cancellation of articles of organization, on a form prescribed by the Secretary of State, stating all of the following:
(1) The name of the domestic limited liability company and the Secretary of State’s file number.
(2) That the certificate of cancellation is being filed within months from the date the articles of organization was filed.
(3) That the limited liability company does not have any debts or other liabilities, except as provided in paragraph (4).
(4) That a final franchise tax return, as described by
Section of the Revenue and Taxation Code, or a final annual tax return, as described by
Section of the Revenue and Taxation Code, has been or will be filed with the Franchise Tax Board, as required under
Part 10.2 (commencing with
Section 18401) of Division of the Revenue and Taxation Code.
(5) That the known assets of the limited liability company remaining after payment of, or adequately providing for, known debts and liabilities have been distributed to the persons entitled thereto or that the limited liability company acquired no known assets, as the case may be.
(6) That the limited liability company has not conducted any business from the time of the filing of the articles of organization.
(7) That percent or more of the voting interests of the managers or members voted, or, if no managers or members, the person or percent or more of the persons signing the articles of organization, voted to dissolve the limited liability company.
(8) If the limited liability company has received payments for interests from investors, that those payments have been returned to those investors. (
b) A certificate of cancellation executed and acknowledged pursuant to subdivision (
a) shall be filed with the Secretary of State within months from the date that the articles of organization was filed. The Secretary of State shall notify the Franchise Tax Board of the cancellation. (
c) Upon filing a certificate of cancellation pursuant to subdivision (a), a limited liability company shall be canceled and its powers, rights, and privileges shall cease.