Section 86.274 - Defaulting companies: Duties of Secretary of State; forfeiture; distribution of assets1. The Secretary of State shall notify, by providing written notice to its registered agent, each limited-liability company deemed in default pursuant to the provisions of this chapter. The written notice:(a) Must include a statement indicating the amount of the filing fee, penalties incurred and costs remaining unpaid.(b) At the request of the registered agent, may be provided electronically.2. On the first day of the first anniversary of the month following the month in which the filing was required, the charter of the company is revoked and its right to transact business is forfeited.3. The Secretary of State shall compile a complete list containing the names of all limited-liability companies whose right to transact business has been forfeited.4. The Secretary of State shall forthwith notify, by providing written notice to its registered agent, each limited-liability company specified in subsection 3 of the forfeiture of its charter. The written notice: (a) Must include a statement indicating the amount of the filing fee, penalties incurred and costs remaining unpaid.(b) At the request of the registered agent, may be provided electronically.5. If the charter of a limited-liability company is revoked and the right to transact business is forfeited, all of the property and assets of the defaulting company must be held in trust by the managers or, if none, by the members of the company, and the same proceedings may be had with respect to its property and assets as apply to the dissolution of a limited-liability company pursuant to NRS 86.505 and 86.521. Any person interested may institute proceedings at any time after a forfeiture has been declared, but, if the Secretary of State reinstates the charter, the proceedings must be dismissed and all property restored to the company.6. If the assets are distributed, they must be applied in the following manner: (a) To the payment of the filing fee, penalties incurred and costs due to the State; and(b) To the payment of the creditors of the company. Any balance remaining must be distributed among the members as provided in subsection 1 of NRS 86.521.
Added to NRS by 1993, 1011; A 1995, 1130; 2001, 1389, 3199; 2003, 48; 2003, 20th Special Session, 69; 2007, 2673Added to NRS by 1993, 1011; A 1995, 1130; 2001, 1389, 3199; 2003, 48; 2003, 20th Special Session, 69; 2007, 2673