Dissolving Your Company in Illinois
Company Dissolution in Illinois
To dissolve a company in Illinois first step is to have a meeting of its members (for LLC) or directors/shareholders (for corporation) and have a resolution drafted authorizing dissolution. Once such resolution was ratified, the process of dissolution involves the following steps:
1. Obaining Clearances & Consents
There are no clearances of consents required to dissolve a company in Illinois.
2. Filing Articles of Dissolution
Articles of Dissolution are filed with Illinois Secretary of State. The processing of dissolution at the Illinois Secretary of State level takes about 7-10 days, with expedited option available (24 hours).
3. Newspaper Publication
There are no newspaper publication requirements to dissolve a company in Illinois.
4. Updating Other Agencies & Company Documents
Don’t forget to notify the IRS and other state agencies regaring the dissolution. Also, make sure you file a “final” tax return for the company.
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