Dissociation and Dissolution of an LLC

The video tutorial explains the concepts of dissociation and dissolution in the context of LLCs. Dissociation occurs when a member leaves the LLC, which can happen due to resignation, bankruptcy, death, or incompetency. Dissolution refers to the winding up of the LLC, often triggered by dissociation, operating agreements, unanimous consent, or legal actions. The tutorial highlights the interconnectedness of these concepts and the scenarios that lead to them.

What events can trigger the dissolution of an LLC according to the operating agreement?

Explain the process of dissolution when a member dissociates from the LLC.