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