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