30-6-701 EVENTS CAUSING DISSOLUTION. - Idaho Statutes

TITLE 30

CORPORATIONS

CHAPTER 6

IDAHO UNIFORM LIMITED LIABILITY COMPANY ACT

PART 7.

DISSOLUTION AND WINDING UP

30-6-701. Events causing dissolution. (1) A limited liability company is dissolved, and its activities must be wound up, upon the occurrence of any of the following:

(a) An event or circumstance that the operating agreement states causes dissolution;

(b) The consent of all the members;

(c) The passage of ninety (90) consecutive days during which the company has no members;

(d) On application by a member, the entry by the district court of an order dissolving the company on the grounds that:

(i) The conduct of all or substantially all of the company’s activities is unlawful; or

(ii) It is not reasonably practicable to carry on the company’s activities in conformity with the certificate of organization and the operating agreement; or

(e) On application by a member, the entry by the district court of an order dissolving the company on the grounds that the managers or those members in control of the company:

(i) Have acted, are acting, or will act in a manner that is illegal or fraudulent; or

(ii) Have acted or are acting in a manner that is oppressive and was, is, or will be directly harmful to the applicant.

(2) In a proceeding brought under subsection (1)(e) of this section, the district court may order a remedy other than dissolution.