Skip to content
Ask a question
All posts

What is the process for a business owner in Illinois to dissolve their company?

Picture of Chris Battis By   ·  1 minute read

As a lawyer, I can provide legal advice on the process for a business owner in Illinois to dissolve their company. Here is what you need to know:

  1. File Articles of Dissolution: The first step to dissolve a business in Illinois is to file Articles of Dissolution with the Illinois Secretary of State. You can file this form online or by mail. The form includes basic information about the business, such as its name and date of incorporation, as well as the reason for the dissolution.
  2. Notify Interested Parties: After you have filed the Articles of Dissolution, you must notify any interested parties, such as shareholders or creditors, that the business is being dissolved. You can do this by sending a written notice to each interested party or by publishing a notice in a local newspaper.
  3. Resolve Outstanding Obligations: Before dissolving the business, it's important to resolve any outstanding obligations. This may include paying off debts, settling disputes, and distributing any remaining assets to shareholders.
  4. File Final Tax Returns: Once the business has been dissolved, you must file final tax returns with the Illinois Department of Revenue and the IRS. This includes both federal and state tax returns, as well as any necessary payroll tax returns.
  5. Cancel Business Licenses and Permits: Finally, you must cancel any business licenses and permits that were obtained during the operation of the business. This includes canceling any sales tax licenses, professional licenses, and business permits.

It's important to note that the process for dissolving a business in Illinois may vary depending on the type of business entity. For example, the process for dissolving a corporation may be different than the process for dissolving a limited liability company (LLC). Additionally, there may be exceptions or limitations to the advice given depending on the specific circumstances of your case.

If you need further guidance on dissolving your business in Illinois, or if you have any specific legal questions, it's recommended that you consult with a licensed attorney who can provide tailored legal advice.