State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter21 > 21-147

21-147. Events causing dissolution.(ULLCA 701) (a) A limitedliability company is dissolved, and its activities must be wound up, uponthe occurrence of any of the following:(1) an event or circumstancethat the operating agreement states causes dissolution;(2) the consent of allthe members;(3)the passage of ninety consecutive days during which the company has no members;(4) on application bya member, the entry by the district court of an order dissolving the companyon 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 conformitywith the certificate of organization and the operating agreement; or(5) on application bya member, the entry by the district court of an order dissolving the companyon 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 areacting in a manner that is oppressive and was, is, or will be directly harmfulto the applicant.(b)In a proceeding brought under subdivision (a)(5) of this section, the courtmay order a remedy other than dissolution. SourceLaws 2010, LB888, § 47.Operative Date: January 1, 2011