Bill > SB0101

This bill provides guidelines regarding the dissolution of limited liability companies (LLCs). Specifically, it amends Section 48-3a-701 to include additional events, circumstances, or dates that can cause an LLC's dissolution, such as provisions in the LLC's certificate of organization or operating agreement. The bill also clarifies the process for a member to petition a court for dissolution of the LLC under certain conditions, such as if the LLC's activities are unlawful or it is not reasonably practicable to carry on the LLC's activities. Additionally, the bill amends Section 48-3a-1405 to specify that for LLCs formed before 2014, their duration is perpetual unless otherwise stated in the articles of organization, and after that duration ends, the LLC is dissolved, and its activities must be wound up. The bill takes effect on May 1, 2024, except for the changes to Section 48-3a-701, which take effect on July 1, 2024.

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https://le.utah.gov/~2024/bills/static/SB0101.html