A. After the dissolution of a limited liability company, its separate existence continues until any of the following occurs:

1. Articles of termination are filed with the commission.

2. A decree terminating the limited liability company is entered by a court of competent jurisdiction.

3. The commission administratively dissolves the limited liability company.

B. After its dissolution, until its separate existence terminates, a dissolved limited liability company shall not carry on any business except business that is necessary to wind up and liquidate its business and affairs, including any of the following:

1. Collecting its assets.

2. Disposing of its properties that will not be distributed in kind to its members.

3. Discharging or making provisions for discharging its liabilities.

4. Distributing its remaining property among its members according to the interests of the members.

5. Doing all other acts required to liquidate its business and affairs.

Caution:  The above language was taken from Arizona’s statutes on November 13, 2016.  Check the Arizona legislature’s website to determine if this statute changed after November 13, 2016.