(a) 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.
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Terms Used In Illinois Compiled Statutes 805 ILCS 180/35-1


         (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.
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