Skip to content
Ask a question
All posts

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

Picture of Chris Battis By   ·  1 minute read

To properly dissolve your LLC in Illinois, you need to follow these steps:

  1. Prepare a plan for dissolution: You need to prepare a plan that outlines how the LLC will be dissolved, including how the assets and liabilities of the LLC will be distributed among the members. The plan should be agreed upon by all members of the LLC.

  2. File Articles of Dissolution: Once the plan for dissolution is agreed upon, you need to file Articles of Dissolution with the Illinois Secretary of State. The Articles must be signed by a member or manager of the LLC and must include the name of the LLC, the date of dissolution, and a statement that the LLC has paid all taxes and debts. There is a filing fee of $5 for the Articles.

  3. Notify creditors: You need to notify all creditors of the LLC of the dissolution. This includes sending written notice to all known creditors and publishing a notice of the dissolution in a newspaper in the area where the LLC does business. The notice should include the name of the LLC, the date of dissolution, and a statement that creditors have a limited time to make claims against the LLC.

  4. Distribute assets: After all creditors have been paid and all claims settled, you need to distribute the remaining assets of the LLC among the members according to the plan for dissolution.

It is important to note that there may be additional steps required depending on the specific circumstances of your LLC. For example, if your LLC has employees, you need to notify the Illinois Department of Labor of the dissolution and comply with state and federal laws regarding the termination of employment. Additionally, if your LLC is subject to state or federal regulations, you may need to obtain approval from relevant agencies before dissolving the LLC.

It is recommended that you consult with a licensed attorney to ensure that you comply with all legal requirements for dissolving your LLC and to address any specific issues related to your situation.