Final answer:
The standard term of a limited liability company (LLC) is 30 years. This means that an LLC will automatically dissolve after 30 years unless its members take action to extend its term. However, some states allow LLCs to have perpetual terms, which means that they will never automatically dissolve. The correct option is 4.
Step-by-step explanation:
The reason why the standard term of an LLC is 30 years is because it is considered to be a reasonable period for an LLC to exist. It is long enough for most LLCs to achieve their business goals, but it is not so long that the LLC's members are likely to outlive the LLC.
If an LLC's members want to extend its term, they can do so by filing an amendment to the LLC's articles of organization with the state. The amendment must specify the new term of the LLC, which can be up to 30 years.
Here are some of the reasons why an LLC's members might want to extend its term:
* The LLC is still achieving its business goals and its members want to continue operating the business.
* The LLC has valuable assets that its members want to protect.
* The LLC's members want to avoid the hassle and expense of forming a new LLC.
If an LLC's members do not take action to extend its term, the LLC will automatically dissolve after 30 years. This means that the LLC's assets will be liquidated and its debts will be paid. Any remaining assets will be distributed to the LLC's members.
The dissolution of an LLC can be a complex and time-consuming process. It is important for LLC members to be aware of the dissolution process and to start planning for it well in advance.