450.4801 Dissolution and winding up; conditions.

189 words·~1 min read·/mi/chapter-450/450-4801

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 801.

A limited liability company is dissolved and its affairs shall be wound up when the first of the following occurs:

(a)Automatically, if a time specified in the articles of organization is reached.

(b)If a vote of the members or other event specified in the articles of organization or in an operating agreement takes place.

(c)The members entitled to vote unanimously vote for dissolution.

(d)Automatically, if a decree of judicial dissolution is entered.

(e)A majority of the organizers of the limited liability company vote for dissolution, if the limited liability company has not commenced business; has not issued any membership interests; has no debts or other liabilities; and has not received any payments, or has returned any payments it has received after deducting any amount disbursed for payment of expenses, for subscriptions for its membership interests.

History: 1993, Act 23, Eff. June 1, 1993 ;-- Am. 1997, Act 52 , Imd. Eff. July 1, 1997 ;-- Am. 2002, Act 686 , Imd. Eff. Dec. 30, 2002 ;-- Am. 2010, Act 290 , Imd. Eff. Dec. 16, 2010