608.449 Grounds for judicial dissolution. - Florida Statutes

608.449 Grounds for judicial dissolution.

A circuit court may dissolve a limited liability company:

   (1)(a) In a proceeding by the Department of Legal Affairs if it is established that:

   1. The limited liability company obtained its articles of organization through fraud; or

   2. The limited liability company has continued to exceed or abuse the authority conferred upon it by law.

   (b) The enumeration in paragraph (a) of grounds for involuntary dissolution does not exclude actions or special proceedings by the Department of Legal Affairs or any state official for the annulment or dissolution of a limited liability company for other causes as provided in any other law of this state.

   (2) In a proceeding by a manager or member if it is established that:

   (a) The managers, managing members, or members are deadlocked in the management of the limited liability company affairs, the members are unable to break the deadlock, and irreparable injury to the limited liability company is threatened or being suffered; or

   (b) The limited liability company’s assets are being misappropriated or wasted.

   (3) In a proceeding by a creditor if it is established that:

   (a) The creditor’s claim has been reduced to judgment, the execution on that judgment returned unsatisfied, and the limited liability company is insolvent; or

   (b) The limited liability company has admitted in writing that the creditor’s claim is due and owing and the limited liability company is insolvent.

   (4) In a proceeding by the limited liability company to have its voluntary dissolution continued under court supervision.

History. s. 2, ch. 82-177; s. 50, ch. 93-284; s. 1, ch. 99-315; s. 28, ch. 2002-272.