How do I close a corporation in Illinois?

How do I close a corporation in Illinois?

What do I have to do before I Dissolve an Illinois Corporation?

  1. Hold a Directors meeting and record a resolution to Dissolve the Illinois Corporation.
  2. Hold a Shareholder meeting to approve Dissolution of the Illinois Corporation.
  3. File all required Annual Reports with the Illinois Secretary of State.

How do I cancel my incorporation?

In Alberta, file an Articles of Dissolution Form with an authorized service provider….Dissolving a Corporation

  1. Declaration of Intent/Application for Dissolution of a Company or Nonprofit Legal Person form.
  2. A certified copy of the by-law or resolution authorizing submission of the application for dissolution.

What is an involuntary Dissolution of a corporation in Illinois?

Involuntary Dissolution. Illinois corporations may be dissolved involuntarily by a court order as a result of a lawsuit by creditors, or by the Illinois Secretary of State for failure to file an annual report or pay annual fees. Alternatively, corporations may be dissolved voluntarily by shareholder consent.

How do I terminate an LLC in Illinois?

Step 1: Follow Your Illinois LLC Operating Agreement

  1. Holding a vote with LLC members to dissolve the LLC.
  2. Recording the dissolution vote in the LLC’s meeting minutes.
  3. Determining the formal date of dissolution.
  4. Distribution of LLC assets.
  5. Notifying creditors and settling any business debts.

What is an involuntary dissolution of a business?

Involuntary dissolution is a judicial process where the court separates the warring partners by forcing a sale of ownership from one to the other, or by forcing a sale of the entire business. You use this process when all else has failed for a dispute between owners of a corporation or an LLC in California.

What happens if I dissolve my Illinois corporation?

If you voluntarily dissolve your Illinois Corporation, the business name is immediately available to another entity that wishes to register with the secretary of state using your name. What is the penalty if you just don’t file your annual reports?

What should I do if I want to cancel my incorporation?

Now, if you’re thinking of canceling the incorporate for your business, you must file another form; corporations must be legally dissolved to avoid legal repercussions. The correct form must be completed and filed based on the type of corporation you have and the conditions under which it is being filed.

Can you file an Illinois business corporation online?

All corporations filed online will have the following purpose: The transaction of any or all lawful purposes for which corporations may be incorporated under the Illinois Business Corporation Act. Professional corporations, Medical corporations, Close corporations or business corporations with a specific purpose cannot be filed online.

What do you call a corporation in Illinois?

The corporation name must include one of the following words or abbreviations: Corporation, Company, Incorporated, Limited, Corp., Co., Inc. or Ltd. The corporation must appoint a registered agent who has a business address within the State of Illinois.

When do you have to close a corporation in Illinois?

For some corporations, a time comes when the people who own and run things voluntarily decide to close the business. If you’ve reached that point with your Illinois corporation, you’ll need to take care of multiple tasks—including what is called dissolving and winding up your business. Your corporation is registered with the State of Illinois.

How much does it cost to dissolve a corporation in Illinois?

There is a $5 fee to file the articles. Your filing usually will be processed in 7-10 days. Expedited processing is available for an additional fee. Note that your business name will become available for use by others after dissolution.

All corporations filed online will have the following purpose: The transaction of any or all lawful purposes for which corporations may be incorporated under the Illinois Business Corporation Act. Professional corporations, Medical corporations, Close corporations or business corporations with a specific purpose cannot be filed online.

How to reinstate a corporation in Illinois Secretary of State?

To reinstate a corporation, you must file BCA 12.45, Application for Reinstatement, in duplicate with the Secretary of State’s office. You also must file Annual Reports for the years that were not filed. For more information, please call 217-785-5782.