There may be a period in your career as a business owner when you have to shut down. Closing your business can be a difficult process, whether you’re retiring, selling it, or just moving on to something else. This post will cover how to close an Illinois DBA, a business with the state, a Chicago business license, and an Illinois unemployment account. The issue of “Can I Walk Away From My Business?” will also be addressed.
If your Chicago business license is no longer required, you can revoke it by sending a written request to the Department of Business Affairs and Consumer Protection. Your request must contain your license number, business name, and business address. The cancellation’s effective date and its justification should also be included.
The Department of Business Affairs and Consumer Protection will examine your request after it is submitted, determine whether it is valid, and if so, cancel your license. It’s crucial to understand that revocation of your business license does not automatically revoke any other permits or licenses you might hold, such as a food service or alcohol license. Those must be canceled separately. Closing an Enterprise with the State You must file Articles of Dissolution with the Secretary of State if you desire to dissolve your commercial relationship with the state of Illinois. This document, which must be filed within 60 days of the vote to dissolve, formally dissolves your corporation or LLC.
The name of your company, its address, the date of the dissolution vote, and the names and addresses of each officer and director of the corporation or LLC must all be included in the Articles of Dissolution. A filing fee is furthermore due.
You must file a Certificate of Cancellation with the county clerk’s office where the DBA is registered if you have a DBA (Doing Business As) in Illinois. Your name, your business name, your address, the date the DBA was established, and the cause for cancellation should all be included on the Certificate of Cancellation.
A notice of the cancellation must also be printed in a local newspaper in the county where the DBA was registered. You will receive an affidavit of publication from the newspaper, which you must submit to the county clerk’s office.
You must shut your Illinois unemployment account if you have workers and are ending your firm. Filling out a Request to Close Account form and sending it to the Illinois Department of Employment Security will enable you to do this.
Your business name, Illinois unemployment account number, and the reason you’re terminating the account will all be requested on the form. Information about your employees, including their names and Social Security numbers, will also need to be provided.
Can I Leave My Business and Come Back Later? It’s critical to comprehend the repercussions if you’re considering closing your company. You could be subject to legal and financial repercussions if you just close your firm without completing the necessary measures to revoke licenses and permits, dissolve your corporation or LLC, and close your Illinois unemployment account. For instance, if you don’t revoke your business license, you can keep getting bills for taxes and license fees. You can still be responsible for paying taxes and other debts if you don’t dissolve your business or LLC. Additionally, you can be liable for covering your employees’ unemployment insurance premiums if you don’t close your Illinois unemployment account.
In conclusion, closing a business can be a difficult process, but by adhering to the right procedures, you can prevent future legal and financial issues. Consult with an attorney or accountant who can walk you through the procedure if you’re unsure how to end your Illinois unemployment account, cancel your DBA in Illinois, close your business with the state of Illinois, or cancel your Chicago business license.
Use a professional closing, such as “Sincerely” or “Best regards,” followed by your name and contact information to end a business letter. Include all relevant details, such as the closure’s justification and any client or customer instructions. It’s also a good idea to thank them for their patronage and let them know how much you value their help.