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.
Several states allow dissolution upon entry of a judicial decree.
Usually, the court must find that it is not reasonably practicable to carry on the LLC business in conformity with the Operating Agreement and Articles of Organization. This would occur if, for example, one member's misconduct prevents the LLC from being able to carry out its business. Judicial dissolution may also occur if a member is forced to seek court assistance in order to withdraw and be paid for his or her membership interest. Yet another additional dissolution event sometimes provided for in the statutes is dissolution upon failure of an LLC to return a contribution to a member. Work with an experienced lawyer in your state.