Rhode Island General Laws 7-16-40. Judicial dissolution
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On application by or on behalf of a member, the superior court may decree dissolution of a limited liability company whenever it is not reasonably practicable to carry on the business in conformity with the articles of organization or operating agreement.
History of Section.
P.L. 1992, ch. 280, § 1.
Terms Used In Rhode Island General Laws 7-16-40
- Articles of organization: means documents filed under § 7-16-5 for the purpose of forming a limited liability company. See Rhode Island General Laws 7-16-2
- Business: means any trade, occupation or other commercial activity engaged in for gain, profit or livelihood for which a corporation can be organized under chapter 1. See Rhode Island General Laws 7-16-2
- Court: includes every court and judge having jurisdiction in the case. See Rhode Island General Laws 7-16-2
- Member: means a person with an ownership interest in a limited liability company with the rights and obligations specified under this chapter. See Rhode Island General Laws 7-16-2
- Operating agreement: means any agreement, written or oral, of the members as to the affairs of a limited liability company and the conduct of its business. See Rhode Island General Laws 7-16-2