SPONSOR: Veit
Currently, a limited liability company (LLC) may be dissolved involuntarily by a decree of the circuit court located in the county of the registered office of the LLC upon application by or for a member of the LLC when it is not reasonably practicable to carry on business in conformity with the operating agreement.
This bill expands this provision to include:
(2) Protection of the rights or interests of complaining members;
(3) When the business of the LLC has been abandoned;
(4) The management of the LLC is deadlocked or subject to internal dissension, or
(5) Those in control of the LLC have been found guilty of, or have knowingly allowed, persistent and pervasive fraud, mismanagement, or abuse of authority.
Statutes affected: