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John, Paul, Mark, and Luke have been operating an LLC, and according to the operating agreement,...

John, Paul, Mark, and Luke have been operating an LLC, and according to the operating agreement, the term of the LLC is set to expire in the near future. What options do the four partners have?

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Answer #1

If they wish to continue the business, the partners of LLC must vote to do so. If they desire to set a new term with a fixed expiration date, they must vote unanimously to do so and the business will continue until that term expires. They may also vote to continue the business at will, with no set expiration date. The at-will option requires only a majority vote, in this case, three partners agreeing. Of course, the members could choose to simply allow the business to go into dissolution and terminate by doing nothing.

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