An LTD is created in Illinois by submitting articles of incorporation to the state’s secretary of state. The name of the corporation, the name and address of the registered agent, and the total number of shares the corporation is permitted to issue must all be listed in the articles of incorporation. The corporation must have an organizational meeting soon after incorporation in order to enact bylaws and choose directors.
When an Illinois corporation doesn’t follow state laws, including failing to submit yearly reports or pay taxes, the corporation is involuntarily dissolved. Involuntary dissolution procedures may be started by the Secretary of State for Illinois. The corporation is informed of the impending dissolution and given the time to make any necessary adjustments. The Illinois Secretary of State will dissolve the corporation if it doesn’t comply.
In Illinois, the process to revive a corporation can take many weeks or even months. The corporation must submit an application for reinstatement, along with any required fees and back taxes, to the Illinois Secretary of State. Additionally, the corporation must produce a certificate of good standing from the Illinois Department of Revenue if it was involuntarily dissolved.
In Illinois, it is possible to restart a disbanded corporation, but the procedure can be challenging. The same steps must be taken as if the corporation were founding a new one, including filing articles of incorporation. The corporation must also get a certificate of good standing from the Illinois Department of Revenue and pay any overdue taxes and fees.
The Illinois Secretary of State can certify a corporation’s standing and adherence to laws by issuing a letter of good standing. Usually, the letter is needed when a business requests a loan or opens a bank account. From the date of issuance, the letter of good standing is valid for 60 days.
In conclusion, an LTD is a kind of corporation in Illinois that provides its shareholders with limited liability protection. If a corporation violates state laws, it may be involuntarily dissolved; however, it may be revived by submitting an application to the Illinois Secretary of State. A disbanded corporation can potentially be reopened, however the procedure is challenging. A letter of good standing, which is valued and valid for 60 days, validates a corporation’s conformity with state laws.