You cannot just walk away from a Limited Liability Company (LLC) that you have established in Illinois if you wish to close it. An LLC must be properly dissolved in accordance with state law because it is a separate legal entity from its owners. If you don’t, you risk being responsible for any debts or legal problems that develop after the LLC has been dissolved. Can I simply shut down my business?
If you are a sole owner in Illinois and you wish to close your firm, you can do so by simply ceasing operations and informing your clients and suppliers. To avoid any financial or legal repercussions, you must adhere to the proper dissolution procedure if your company is incorporated as an LLC or corporation. How Do I Dissolve an LLC With The IRS? You must finish and submit the necessary tax forms in order to dissolve an LLC with the IRS. A final tax return must be submitted, and any unpaid taxes must be paid. Additionally, you must file Form 966 notifying the IRS that the LLC is being dissolved. If you have staff, you must submit your last employment tax returns and provide them their last paychecks. How Can I Revoke My Chicago Business License? You must file a formal request to the Department of Business Affairs and Consumer Protection in order to revoke a business license in the city of Chicago. Your company name, license number, and the justification for the cancellation must all be included in the request. Before your license can be revoked, all unpaid fees or fines must also be satisfied.
In conclusion, it takes careful attention to detail and compliance with state and federal requirements to close a DBA, LLC, or any other kind of business in Illinois. It is advised that you speak with a knowledgeable attorney or accountant if you have questions or need assistance.