You may be asking how to resurrect your corporation if it has been disbanded. It is not difficult to reinstate a dissolved corporation in Illinois, but there are a few processes involved. This post will explain how to reinstate your corporation in Illinois and provide answers to some associated queries.
Step 1: Establish the cause of dissolution
Before beginning the reinstatement process, you must establish the cause of the dissolution of your corporation. You can search for your corporation on the website of the Illinois Secretary of State, where you can also examine its status and any dissolution-related information. Before starting the reinstatement process, you need deal with the cause of the divorce.
Step 2: Submit a Request for Reinstatement You must submit an Application for Reinstatement to the Illinois Secretary of State in order to reinstate your corporation. Name of the corporation, date of dissolution, reason for dissolution, and a declaration that the corporation has changed the reason for dissolution must all be included in the application.
Pay the required fees in Step 3
The $200 reinstatement fee, payable by check or money order, must be submitted with the reinstatement application. You must also include an extra $25 if you require a letter confirming your good standing. The Illinois Secretary of State must receive payment for the fees.
Step 4: Await approval
The Illinois Secretary of State will examine your reinstatement application after you have submitted it and paid the applicable fees. Your corporation will be reactivated and given an active status once again if your application is accepted. If your application is rejected, you will get a letter outlining the reasons and what you may do to make things right. A letter of good standing can also be obtained from the Illinois Secretary of State for an extra $25 cost if you require one. A letter of good standing demonstrates to potential lenders or investors that your company is legitimate by attesting to the fact that your organization is in good standing with the state.
You might need to get in touch with the appropriate PRC authorities if you’re searching for a certificate of good standing. A certificate of good standing is a record that certifies a business has complied with all applicable federal, state, and local laws. In Illinois, a company that is not in conformity with the rules and laws of the state would not be in good standing.
As a last alternative to compliance, adherence refers to the act of adhering to laws or regulations. Running a corporation successfully requires compliance, and breaking state or federal rules can result in fines or even the liquidation of the company.
In Illinois, a dissolved corporation may be reinstated by submitting an Application for Reinstatement, paying the required fees, and then awaiting approval. Prior to beginning the reinstatement process, you should address the cause of dissolution. The Illinois Secretary of State will provide you with a letter of good standing upon payment of an extra charge. A corporation must comply, and failing to comply might result in dissolution or other consequences.
Restoring a corporation or LLC (Limited Liability Company) to its prior legal status after it has been dissolved or administratively terminated by the state is known as reinstating a business. This procedure entails submitting the required papers, paying any overdue fines or taxes, and adhering to any additional state-imposed regulations. The company can continue activities and recover its legal status once the reinstatement procedure has been successfully completed.
When a corporation fails to submit its annual report or pay its annual fees to the Secretary of State’s office, it is regarded as forfeited in Illinois. A corporation that has been forfeited no longer has the ability to conduct business in the state and is no longer in good standing. If the corporation doesn’t make good on the forfeiture within a set amount of time, the state may also administratively dissolve it.