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ID S1091
Bill
Status
Passed
3/20/2017
Primary Sponsor
Judiciary and Rules Committee
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AI Summary
- Amends Section 30-25-701, Idaho Code, to modify provisions governing when a limited liability company must be dissolved and wound up
- Removes language from subsection (a)(4)(B) that allowed dissolution grounds based on manager or member conduct that is illegal, fraudulent, or oppressive and directly harmful to the applicant
- Removes corresponding language from subsection (a)(4)(C) regarding similar grounds for dissolution related to managers or members in control
- Retains five primary dissolution triggers: operating agreement provisions, unanimous member consent, 90-day period with no members, court order on unlawful activities grounds, and administrative dissolution by secretary of state
- Preserves court authority to order remedies other than dissolution in proceedings brought under the impracticability grounds
Legislative Description
Amends existing law to remove provisions regarding the dissolution of a limited liability company.
LIMITED LIABILITY COMPANIES
Last Action
Session Law Chapter 100 Effective: 07/01/2017
3/20/2017
Committee Referrals
Judiciary, Rules and Administration3/1/2017
Judiciary and Rules2/13/2017
Full Bill Text
No bill text available