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(805 ILCS 180/35-1)
Events causing dissolution and winding up of company's
A limited liability company is dissolved and its business must be wound
up upon the occurrence of any of the following events:
(1) An event or circumstance that causes the
dissolution of a company by the express terms of the operating agreement.
(2) The consent of all members.
(3) The passage of 180 consecutive days during which
the company has no members.
(4) On application by a member or a dissociated
member, upon entry of a judicial decree that:
(A) the economic purpose of the company has been
or is likely to be unreasonably frustrated;
(B) the conduct of all or substantially all of
the company's activities is unlawful;
(C) it is not otherwise reasonably practicable to
carry on the company's business in conformity with the articles of organization and the operating agreement.
(5) On application by a member or transferee of a
distributional interest, upon entry of a judicial decree 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.
(6) Administrative dissolution under Section 35-25.
(b) In a proceeding under subdivision (4) or (5) of subsection (a), the court may order a remedy other than dissolution including, but not limited to, a buyout of the applicant's distributional interest.
(Source: P.A. 101-553, eff. 1-1-20