(a) If a term company is continued after the expiration of the specified term, the rights and duties of the members and managers remain the same as they were at the expiration of the term except to the extent inconsistent with rights and duties of members and managers of an at-will company.
(b) If the members in a member-managed company or the managers in a manager-managed company continue the business without any winding up of the business of the company, it continues as an at-will company.
Structure West Virginia Code
Chapter 31B. Uniform Limited Liability Company Act
Article 4. Relations of Members to Each Other and to Limited Liability Company
§31B-4-401. Form of Contribution
§31B-4-402. Member's Liability for Contributions
§31B-4-403. Member's and Manager's Rights to Payments and Reimbursement
§31B-4-404. Management of Limited Liability Company
§31B-4-405. Sharing of and Right to Distributions
§31B-4-406. Limitations on Distributions
§31B-4-407. Liability for Unlawful Distributions
§31B-4-408. Member's Right to Information
§31B-4-409. General Standards of Member's and Manager's Conduct
§31B-4-410. Actions by Members
§31B-4-411. Continuation of Term Company After Expiration of Specified Term