What steps do I need to take to dissolve my LLC in Illinois?

In Illinois, LLCs can be dissolved voluntarily or involuntarily. To dissolve an LLC voluntarily, these are the steps you need to take:

1. Develop a plan with your LLC members and vote to dissolve the company. The Operating Agreement or Articles of Organization of your LLC usually specify the percentage of votes required to dissolve the LLC.
2. File Articles of Dissolution with the Illinois Secretary of State. The form for Articles of Dissolution can be found on the Illinois Secretary of State website.
3. Pay any outstanding taxes or fees owed by the LLC.
4. Inform any outstanding creditors, customers, and suppliers about the dissolution of the LLC.
5. Close any bank accounts related to the LLC and distribute remaining assets to members based on their ownership percentages.

It’s important to note that the LLC may have additional obligations and requirements under Illinois law, so consulting with a licensed attorney can be helpful to ensure compliance with all applicable laws in the LLC’s state of formation. Additionally, if the LLC has outstanding debts or obligations that cannot be met by its remaining assets, the LLC may need to pursue a formal dissolution process in court.

Again, it is important to note that this advice is for general informational purposes only and should not be relied upon as a substitute for legal advice from a licensed attorney.