merge or split companies

What should LLCs do when they want to merge or split companies?

In a merger of companies, the companies shall execute a merger agreement, and prepare their respective balance sheets and schedules of assets. The companies shall notify their creditors within ten days of adoption of merger resolutions, and shall publish a notice in a newspaper within thirty days. Creditors are entitled to claim full payment of the debts of the companies or require the provision of appropriate assurances within thirty days of receipt of the notice, or within forty-five days of publication of the first notice if such creditors did not receive the notice.

In splitting the company, the LLC should prepare a balance sheet and a schedule of assets to be divided. It should notify its creditors within ten days of adoption of a division resolution and publish a notice in a newspaper within thirty days.

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