Section 805 ILCS 180/35-1 - Events causing dissolution and winding up of company's business(a) A limited liability company is dissolved and its business must be wound up upon the occurrence of any of the following events: (1) An event or circumstance that causes the dissolution of a company by the express terms of the operating agreement.(2) The consent of all members.(3) The passage of 180 consecutive days during which the company has no members.(4) On application by a member or a dissociated member, upon entry of a judicial decree that:(A) the economic purpose of the company has been or is likely to be unreasonably frustrated;(B) the conduct of all or substantially all of the company's activities is unlawful;(C) it is not otherwise reasonably practicable to carry on the company's business in conformity with the articles of organization and the operating agreement.(5) On application by a member or transferee of a distributional interest, upon entry of a judicial decree that the managers or those members in control of the company:(A) have acted, are acting, or will act in a manner that is illegal or fraudulent; or(B) have acted or are acting in a manner that is oppressive and was, is, or will be directly harmful to the applicant.(6) Administrative dissolution under Section 35-25.(b) In a proceeding under subdivision (4) or (5) of subsection (a), the court may order a remedy other than dissolution including, but not limited to, a buyout of the applicant's distributional interest.Amended by P.A. 101-0553,§ 5, eff. 1/1/2020.Amended by P.A. 099-0637,§ 5, eff. 7/1/2017. P.A. 90-424, eff. 1-1-98.