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December 05, 2023 Clouds | 37°F
The 193rd General Court of the Commonwealth of Massachusetts

Section 43: Dissolution of limited liability company

Section 43. A limited liability company is dissolved and its affairs shall be wound up upon the first to occur of the following:

(1) the time specified in the operating agreement;

(2) the happening of an event as specified in the operating agreement;

(3) the written consent of all members;

(4) with respect to a limited liability company formed prior to January 1, 1997, except as provided in a written operating agreement, the death, insanity, retirement, resignation, expulsion, bankruptcy or dissolution of a member or the occurrence of any other event which terminates the membership of a member in the limited liability company unless the business of the limited liability company is continued either by the consent of all the remaining members within ninety days following the occurrence of any such event or pursuant to a right to continue stated in a written operating agreement; or

(5) the entry of a decree of judicial dissolution under section forty-four.