Acts Triggering Dissolution

A LLC is dissolved upon the happening of any one of the following events:

  • An event specified in the operating agreement
  • Consent by the specific number or percentage of members specified in the operating agreement
  • Event that makes it unlawful for all or substantially all of the business of the LLC to continue, unless after notice, any cure of illegality is made within ninety (90) days
  • On application by a member or a dissociated member and entry of a judicial order
  • On application by a transferee (of a member’s interest), a judicial determination that it is equitable to wind up the LLC after expiration of the LLC (if the company was for a specified duration at the time the applicant became a transferee by member dissociation, transfer, or entry of a charging order that gave rise to the transfer)