Idaho Code § 30-25-701 : CORPORATIONS — LIMITED LIABILITY COMPANIES — DISSOLUTION AND WINDING UP —25-701 - EVENTS CAUSING DISSOLUTION

(a) A limited liability company is dissolved, and its activities and affairs must be wound up, upon the occurrence of any of the following:
(1) An event or circumstance that the operating agreement states causes dissolution;
(2) The affirmative vote or consent of all the members;
(3) The passage of ninety (90) consecutive days during which the company has no members unless before the end of the period:
(A) Consent to admit at least one (1) specified person as a member is given by transferees owning the rights to receive a majority of distributions as transferees at the time the consent is to be effective; and
(B) At least one (1) person becomes a member in accordance with the consent;
(4) On application by a member, the entry by the district court of an order dissolving the company on the grounds that:
(A) The conduct of all or substantially all the company's activities and affairs is unlawful; or
(B) It is not reasonably practicable to carry on the company's activities and affairs in conformity with the certificate of organization and the operating agreement; or
(C) 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; or
(5) The signing and filing of a statement of administrative dissolution by the secretary of state under section 30-21-602, Idaho Code.
(b) In a proceeding brought under subsection (a)(4)(B) of this section, the court may order a remedy other than dissolution.

Idaho Code § 30-25-701

[30-25-701, added 2015, ch. 243, sec. 49, p. 891; am. 2017, ch. 100, sec. 1, p. 248; am. 2021, ch. 321, sec. 8, p. 949.]
Amended by 2021 Session Laws, ch. 321,sec. 8, eff. 7/1/2021.
Amended by 2017 Session Laws, ch. 100,sec. 1, eff. 7/1/2017.
Added by 2015 Session Laws, ch. 243,sec. 49, eff. 7/1/2015.
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