The source of management power in an LLC may be traced to either the articles of organization or the operating agreement. Be aware, though, that what may be included in these two documents is often dictated by statute. When an LLC ends, it dissolves. The process of ending the business of an LLC, then, is called dissolution. The first event is the expiration of the LLC's period of duration stated in its articles of organization.
Many states require such a statement in the articles.
If, for example, the duration is stated as 30 years, the LLC will dissolve 30 years from the date of its formation. The second event is the dissociation of a member. A member is dissociated upon voluntary withdrawal, death, bankruptcy, expulsion or other agreed-upon events. The third event is the agreement of the members that the LLC should be dissolved. The agreement to dissolve should be in writing because dissolution triggers the winding up of the company business and the resulting need to distribute assets to members and creditors.