79-29-802 - Judicial dissolution.
§ 79-29-802. Judicial dissolution.
On application by or for a member, the chancery court for the county in which the registered office of the limited liability company is located may decree dissolution of a limited liability company whenever any of the following occurs:
(a) It is not reasonably practicable to carry on the business in conformity with the certificate of formation or the limited liability company agreement; or
(b) The managers or the members in control of the limited liability company have been guilty of or have knowingly countenanced persistent and pervasive fraud or abuse of authority or persistent unfairness toward any member, or the property of the limited liability company is being misapplied or wasted by such persons.
Sources: Laws, 1994, ch. 402, § 49, eff from and after July 1, 1994.