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Title 17 Corporations, Partnerships and Associations

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Change 1

What to do with it
As published

17-29-701. Events causing dissolution.

(a) A limited liability company is dissolved, and its activities must be wound up, upon the occurrence of any of the following: (i) An event or circumstance that the operating agreement or articles of organization states causes dissolution; (ii) The consent of all the members; (iii) The passage of ninety (90) consecutive days during which the company has no members; (iv) On application by a member, the entry of a court order dissolving the company on the grounds that: (A) The conduct of all or substantially all of the company's activities is unlawful; or (B) It is not reasonably practicable to carry on the company's activities in conformity with the articles of organization and the operating agreement; or (v) On application by a member or dissociated member, the entry of a court order dissolving the company on the grounds that the managers or those members in control of the company: (A) Have acted, are acting, or will act in a manner that is illegal or fraudulent; or (B) Have acted or are acting in a manner that is oppressive and was, is, or will be directly harmful to the applicant. (b) In a proceeding brought under paragraph (a)(v) of this section, the court may order a remedy other than dissolution.

Your change, as a redline

17-29-701. Events causing dissolution.

(a) A limited liability company is dissolved, and its activities must be wound up, upon the occurrence of any of the following: (i) An event or circumstance that the operating agreement or articles of organization states causes dissolution; (ii) The consent of all the members; (iii) The passage of ninety (90) consecutive days during which the company has no members; (iv) On application by a member, the entry of a court order dissolving the company on the grounds that: (A) The conduct of all or substantially all of the company's activities is unlawful; or (B) It is not reasonably practicable to carry on the company's activities in conformity with the articles of organization and the operating agreement; or (v) On application by a member or dissociated member, the entry of a court order dissolving the company on the grounds that the managers or those members in control of the company: (A) Have acted, are acting, or will act in a manner that is illegal or fraudulent; or (B) Have acted or are acting in a manner that is oppressive and was, is, or will be directly harmful to the applicant. (b) In a proceeding brought under paragraph (a)(v) of this section, the court may order a remedy other than dissolution.

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