(a) The Secretary of State may commence a proceeding to administratively dissolve a limited liability company if:
(1) The company fails to pay any fees, taxes, or penalties imposed by this chapter or other law within 60 days after they are due;
(2) The company fails to deliver its annual report to the Secretary of State within 60 days after it is due;
(3) The professional license of one or more of the license holders is revoked by a professional licensing board and the license is, or all the licenses are, required for the continued operation of the company;
(4) The company is in default with the Bureau of Employment Programs as provided in §21A-2-6 of this code; or
(5) A misrepresentation has been made of any material matter in any application, report, affidavit, or other record submitted by the company pursuant to this chapter.
(b) A limited liability company administratively dissolved may apply to the Secretary of State for reinstatement within two years after the effective date of dissolution pursuant to the procedure in §31B-8-811 of this code or appeal the Secretary of State’s denial of reinstatement pursuant to the procedure in §31B-8-812 of this code.