Dissolution of the Company and Termination of a Members Interest Sample Clauses

The "Dissolution of the Company and Termination of a Member's Interest" clause defines the circumstances and procedures under which a company may be dissolved and a member's ownership interest may be ended. Typically, this clause outlines specific events that can trigger dissolution, such as unanimous member agreement, expiration of a set term, or occurrence of certain legal or financial events. It also details the process for distributing assets and settling liabilities among members upon dissolution. The core function of this clause is to provide a clear, orderly framework for winding up the company's affairs and ensuring fair treatment of members when the company ceases operations or a member departs.