Rutgers Law

NOTE: This section was repealed by L.2012, c. 50, effective 2014-03-01.

New Jersey Statutes, Title: 42, PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS

    Chapter 2b:

      Section: 42:2b-48: Dissolution, wind up.

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

a. Unless the certificate of formation specifies that the limited liability company is perpetual, at the time specified in an operating agreement, or 30 years from the date of the formation of the limited liability company if no specified time for dissolution and winding up, regardless of any dissolution contingencies, is set forth in the operating agreement;

b. Upon the happening of events specified in an operating agreement;

c. The written consent of all members, which includes written consent of the sole member of a limited liability company with only one member;

d. Ninety days after the date on which the limited liability company no longer has at least one member, unless at least one new member is admitted within that 90-day period; or

e. The entry of a decree of judicial dissolution under section 49 of this act.

L.1993,c.210,s.48; amended 1997, c.139, s.19; 1998, c.79, s.12.



This section added to the Rutgers Database: 2012-09-26 13:37:53.