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Vermont Statutes Title 11. Corporations, Partnerships and Associations, § 4101. Events causing dissolution and winding up of company business

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A limited liability company is dissolved, and its business shall be wound up, upon the occurrence of any of the following events:

(1) an event or circumstance that the operating agreement states causes dissolution;

(2) consent of the number or percentage of members specified in the operating agreement, or in the absence of a provision governing approval of a dissolution or winding up of the company contained in an operating agreement, the consent of all the members;

(3) the passage of 90 consecutive days during which the company has no members;

(4) on application by a member, the entry by the Superior Court of an order dissolving the company on the grounds that:

(A) the conduct of all or substantially all of the company's activities is unlawful; or

(B) it is not reasonably practicable to carry on the company's activities in conformance with the certificate of organization and the operating agreement; or

(5) on application by a member, the entry by the Superior Court of an order dissolving the company on the grounds that the managers or those members in control of the company:

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

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

(b) In an action brought under subdivision (a)(5) of this section, the Court may order a remedy other than dissolution.

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Cite this article: FindLaw.com - Vermont Statutes Title 11. Corporations, Partnerships and Associations, § 4101. Events causing dissolution and winding up of company business - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-11-corporations-partnerships-and-associations/vt-st-tit-11-sect-4101/

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