Acts Triggering Dissolution

A limited liability company is dissolved upon the happening of any one of the following events:

• When the company expires (according to the time fixed in the articles of organization)
• By action of the organizers or members specified in the articles of organization or operating agreement
• Event specified in the articles of organization or operating agreement
• Court order
• Action by the Secretary of State
• For LLCs created before July 1, 1999, the following events will act as dissolving events unless the articles or operating agreement state otherwise:
  • Death, Retirement, or Insanity of a member
  • Resignation or Withdrawal of a member
  • Acquisition of a member’s complete membership interest by the LLC
  • Assignment of a member’s governance rights
  • Dissolution or Expulsion of a member
  • Bankruptcy of a member
  • Any other event that terminates the members of a member in the LLC
• For LLCs formed after July 1, 1999, the LLC is dissolved upon the happening of the following events:
  • Events of Withdrawal by member
  • Procedure stated in the articles or operating agreement
  • A merger in which the LLC is not the surviving organization
• The LLC may avoid dissolution when a member leaves the LLC, if within 90 days, there is at least one (1) remaining member and the remaining member or members agree to continue the business by a majority vote or vote provided in the articles