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Idaho Statutes
Idaho Statutes are updated to the website July 1 following the legislative session.
CORPORATIONS
CHAPTER 25
LIMITED LIABILITY COMPANIES
PART 7
DISSOLUTION AND WINDING UP
30-25-701. 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.
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