{"data":{"id":"us-il/805-ilcs-180-35-1","jurisdiction":"us-il","citation":"805 ILCS 180/35-1","heading":"","body":"Events causing dissolution and winding up of company's business.\n(a) A limited liability company is dissolved and its business must be wound up upon the occurrence of any of the following events:\n(1) An event or circumstance that causes the dissolution of a company by the express terms of the operating agreement.\n(2) The consent of all members.\n(3) The passage of 180 consecutive days during which the company has no members.\n(4) On application by a member or a dissociated member, upon entry of a judicial decree that:\n(A) the economic purpose of the company has been or is likely to be unreasonably frustrated;\n(B) the conduct of all or substantially all of the company's activities is unlawful;\n(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.\n(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:\n(A) have acted, are acting, or will act in a manner that is illegal or fraudulent; or\n(B) have acted or are acting in a manner that is oppressive and was, is, or will be directly harmful to the applicant.\n(6) Administrative dissolution under Section 35-25.\n(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.","path":["CHAPTER 805 BUSINESS ORGANIZATIONS","Limited Liability Company Act."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=2290\u0026ChapterID=65\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:47Z","sha256":"d6f8614c62440029b41c58b1755f89daf696ef1afaa2641191f62110ba3bded4","source_id":"us-il","stale":false,"prev":"us-il/805-ilcs-180-30-25","next":"us-il/805-ilcs-180-35-3"},"notice":"GroundRules: Original legal text. Not legal advice."}