Limited Liability Company Operating Agreement For A Limited Liability Company Page 9
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12(b)
T he
M ember
d ecides
t o
g ive
n otice
o f
w ithdrawal
t o
t he
L LC
t hirty
days
(30)
in
advance
of
the
withdrawal
date.
There
is
no
breach
of
Agreement
w hen
a
M ember
d ecides
t o
w ithdraw
i n
t his
f ashion.
(c)
A
M ember
a ssigns
a ll
o f
h is/her
i nterest
t o
a
q ualified
t hird
p arty.
(d)
There
is
an
entry
of
an
order
by
a
court
of
competent
jurisdiction
adjudicating
the
Member
incompetent
to
manage
his/her
person
or
his/her
e state.
(e)
In
the
case
of
an
estate
that
is
a
Member,
the
distribution
by
the
fiduciary
o f
t he
e state’s
e ntire
i nterest
i n
t he
L LC.
(f)
I f
w ithin
o ne
h undred
t wenty
( 120)
d ays
a fter
t he
c ommencement
of
a ny
a ction
a gainst
a
M ember
s eeking
r eorganization,
r eadjustment,
composition,
readjustment,
liquidation,
arrangement,
dissolution,
or
similar
relief
under
any
statue,
law,
or
regulation,
the
action
has
not
been
d ismissed
a nd/or
h as
n ot
b een
c onsented
t o
b y
a
m ajority
o f
t he
members.
(g)
If
within
ninety
days
(90)
after
the
appointment,
without
the
Member’s
c onsent
o r
a cquiescence,
o f
a
t rustee,
r eceiver,
o r
l iquidator
of
the
Member
or
of
all
or
any
substantial
part
of
the
Member’s
properties,
s aid
a ppointment
i s
n ot
v acated
o r
w ithin
n inety
d ays
( 90)
after
t he
e xpiration
o f
a ny
s tay,
t he
a ppointment
i s
n ot
v acated
a nd/or
has
n ot
b een
c onsented
t o
b y
t he
M ember.
(h)
The
Member,
without
consent:
(1)
makes
an
assignment
for
the
benefit
o f
c reditors;
( 2)
f iles
a
v oluntary
p etition
i n
b ankruptcy;
( 3)
i s
adjudicated
a
bankrupt
or
insolvent;
(4)
files
a
petition
or
answer
seeking
for
himself
any
reorganization,
arrangement,
composition,
readjustment,
liquidation,
dissolution,
or
similar
relief
under
any
statute,
law
or
regulation;
(5)
files
an
answer
or
other
pleading
admitting
or
failing
to
contest
the
material
allegations
of
a
petition
filed
against
him
in
any
proceeding
of
the
nature
described
in
this
paragraph;
( 6)
s eeks,
c onsents
t o,
o r
a cquiesces
i n
t he
a ppointment
o f
a
trustee,
receiver,
or
liquidator
of
the
Member
or
of
all
or
any
substantial
part
of
his
properties;
or
(7)
if
any
creditor
permitted
by
law
t o
d o
s o
s hould
c ommence
f oreclosure
o r
t ake
a ny
o ther
a ction
t o
seize
o r
s ell
a ny
M ember’s
i nterest
i n
t he
L LC.
(i)
Any
of
the
events
provided
in
applicable
code
provisions
that
are
not
i nconsistent
w ith
t he
d issociation
e vents
i dentified
a bove.
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