§ 7-16-39 - Dissolution.
SECTION 7-16-39
§ 7-16-39 Dissolution. – A limited liability company is dissolved and its affairs shall be wound up uponthe happening of the first to occur of the following:
(1) At any time specified in the articles of organization;
(2) An event specified in the articles of organization or awritten operating agreement to cause dissolution;
(3) By action of members taken pursuant to §7-16-21(b)(1);
(4) On the written consent of a majority of the capitalvalues of the remaining members after the death, withdrawal, expulsion,bankruptcy, or dissolution of a member, or the occurrence of any other eventthat terminates the continued membership of a member in the limited liabilitycompany, unless otherwise provided in the articles of organization or a writtenoperating agreement; or
(5) Unless otherwise provided in the articles ofincorporation or a written operating agreement, on the death, withdrawal,expulsion, bankruptcy or dissolution of the last remaining member or any otherevent that terminates the continued membership of the last remaining member,unless within ninety (90) days the successor(s) in interest of the lastremaining member and any assignees of the member's interest and of any othermember's interest agree in writing to admit at least one (1) member to continuethe business of the limited liability company; or
(6) Entry of a decree of judicial dissolution under §7-16-40.