{"data":{"id":"us-sc/s.c.-code-ann.-33-44-801","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 33-44-801","heading":"Events causing dissolution and winding up of company's business.","body":"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 specified in the operating agreement;\n(2) consent of the number or percentage of members specified in the operating agreement;\n(3) an event that makes it unlawful for all or substantially all of the business of the company to be continued, but a cure of illegality within ninety days after notice to the company of the event is effective retroactively to the date of the event for purposes of this section;\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 is likely to be unreasonably frustrated;\n(b) another member has engaged in conduct relating to the company's business that makes it not reasonably practicable to carry on the company's business with that member;\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(d) the company failed to purchase the petitioner's distributional interest after giving effect to provisions of the operating agreement modifying or superseding the provisions of Section 33-44-701; or\n(e) the managers or members in control of the company have acted, are acting, or will act in a manner that is unlawful, oppressive, fraudulent, or unfairly prejudicial to the petitioner;\n(5) on application by a transferee of a member's interest, a judicial determination that it is equitable to wind up the company's business:\n(a) after the expiration of the specified term, if the company was for a specified term at the time the applicant became a transferee by way of member dissociation, transfer, or entry of a charging order that gave rise to the transfer; or\n(b) at any time, if the company existed at will at the time the applicant became a transferee by way of member dissociation, transfer, or entry of a charging order that gave rise to the transfer.","path":["Title 33 - CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS","CHAPTER 44 Uniform Limited Liability Company Act of 1996","ARTICLE 8 Winding Up Company's Business"],"source_url":"https://www.scstatehouse.gov/code/t33c044.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T07:04:34Z","sha256":"56a3b06c332af1b822ec35ad7d0318e518fed05d92de86c65810ce6caf2ab4cb","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-33-44-704","next":"us-sc/s.c.-code-ann.-33-44-802"},"notice":"GroundRules: Original legal text. Not legal advice."}