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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>75824</law_id><section_number>13.1-1047.1</section_number><catch_line>Waiver of cancellation</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>13.1-1099.13</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="13.1">Corporations</unit><unit label="chapter" level="2" order_by="1" identifier="12">Virginia Limited Liability Company Act</unit><unit label="article" level="3" order_by="1" identifier="9">Dissolution</unit></structure><text>
						<section><p>Except in the case of an event of dissolution described in subdivision 4 or 5 of &#xA7;&#xA0;<a class="law" title="Dissolution; generally" href="/13.1-1046/">13.1-1046</a>, at any time after the dissolution of a <span class="dictionary">limited liability company</span> and before the winding up of its business is completed, all of the <span class="dictionary">members</span> may <span class="dictionary">waive</span> the right to have the <span class="dictionary">limited liability company</span>&#x2019;s business wound up and its existence canceled. In that event:</p></section>
						<section id="1"><p><span class="prefix-number">1.</span> The <span class="dictionary">limited liability company</span> resumes carrying on its business as if dissolution had never occurred, and any liability incurred by the <span class="dictionary">limited liability company</span> or a <span class="dictionary">member</span> after the dissolution and before the <span class="dictionary">waiver</span> is determined as if dissolution had never occurred; and <a id="paragraph-272309" class="section-permalink" href="https://vacode.org/13.1-1047.1/#1"><i class="fa fa-link"/></a></p></section>
						<section id="2"><p><span class="prefix-number">2.</span> The rights of a third <span class="dictionary">party</span> arising out of conduct in reliance on the dissolution before the third <span class="dictionary">party</span> knew or received a notification of the <span class="dictionary">waiver</span> may not be adversely affected. <a id="paragraph-272310" class="section-permalink" href="https://vacode.org/13.1-1047.1/#2"><i class="fa fa-link"/></a></p></section></text><history>2012, c. 706.</history><metadata></metadata></law>
