183.0902 Judicial dissolution. - Wisconsin Statutes

183.0902

183.0902 Judicial dissolution. In a proceeding by or for a member, the circuit court for the county where the limited liability company's principal office, or, if none in this state, its registered office, is or was last located may order dissolution of a limited liability company if any of the following is established:

183.0902(1)

(1) That it is not reasonably practicable to carry on the business of the limited liability company.

183.0902(2)

(2) That the limited liability company is not acting in conformity with an operating agreement.

183.0902(3)

(3) That one or more managers are acting or will act in a manner that is illegal, oppressive or fraudulent.

183.0902(4)

(4) That one or more members in control of the limited liability company are acting or will act in a manner that is illegal, oppressive or fraudulent.

183.0902(5)

(5) That limited liability company assets are being misapplied or wasted.

183.0902 - ANNOT.

History: 1993 a. 112.

183.0902 - ANNOT.

When one LLP member intentionally made an outrageous offer to buy out the other member, but did nothing to close the transaction when the other accepted and opposed every motion brought by the offeree, as well as those requested by the court appointed receiver, the offeror's behavior not only lacked good faith but also was oppressive. Decker v. Decker, 2006 WI App 247, 298 Wis. 2d 141, 726 N.W.2d 664, 04-3112.