Although it can be a difficult process, dissolving your LLC in Illinois is required if you wish to close your company. You must notify creditors and other interested parties and file the necessary papers with the Illinois Secretary of State in order to dissolve your LLC. Here is a step-by-step tutorial on dissolving your Illinois LLC.
Hold a meeting of the managers or members as the first step. You must first conduct a meeting of the management or members of your LLC to approve the dissolution. A resolution to dissolve the LLC should be included in the minutes of this meeting.
Once the managers or members have given their consent, you must submit Articles of Dissolution with the Secretary of State of Illinois. These articles can be submitted online or by mail. The name of the LLC, the date of dissolution, and a declaration that all debts and liabilities of the LLC have been paid in full or that sufficient provision has been made for their payment should all be included in the articles.
Step 3: Inform Creditors and Other Parties Who May Be Interested. You must inform all creditors and other interested parties of the dissolution after filing the Articles of Dissolution. Customers, suppliers, landlords, and employees may be included in this. Additionally, you must print a notice of the dissolution in the county where the LLC was situated.
Step 4: Resign from Licenses and Permits Last but not least, you must revoke all licenses and permits that have been granted to your LLC. This could include any licenses needed for your industry, such as those for businesses, sales tax permits, and others. Any insurance policies that were issued to your LLC should likewise be cancelled.
In Illinois, the process for dissolving a single-member LLC is identical to that for dissolving a multi-member LLC. The one and only distinction is that the dissolution can be approved without a meeting being called.
It can take a long time and be difficult to close an entity in Illinois, but you must do it if you want to close your company. You can dissolve your LLC in Illinois by doing the following, then move on to your next project.