Writing an article on the topic of how to close a corporation in Illinois can be a daunting task. In this article, we will give you a full overview of the steps you need to take to dissolve your corporation in Illinois.
How to Close a Corporation in Illinois?
Dissolving a corporation in Illinois requires a few steps to ensure the process is done properly. Incorporators of a corporation in Illinois are authorized to dissolve the company only before any shares have been issued and before any directors have been named or elected. The shareholders must sign a document known as the Articles of Dissolution form, which must be submitted in duplicate to the Illinois Secretary of State. Here are the steps you need to take to close a corporation in Illinois:
• Hold a Directors meeting and record a resolution to Dissolve the Illinois Corporation
• Hold a Shareholder meeting to approve Dissolution of the Illinois Corporation
• Prepare and sign Articles of Dissolution
• File Articles of Dissolution with the Illinois Secretary of State
• File final tax returns and terminate your EIN
• Contact IDOR when closing a business to determine tax liabilities
• Settle all outstanding debts, liabilities and obligations
It is important to note that no vote or action by the board of directors is required for dissolution through unanimous written consent. Furthermore, it is important to make sure that all debts, liabilities and obligations are settled before dissolving the corporation.
For more information on the process of closing a business in Illinois, the Illinois Department of Revenue provides an excellent resource for businesses to find answers to all their questions about the process. Additionally, Atlantabusinesses.com is a great resource for answers to all your questions about selling a business and about business brokers.
What is the process for dissolving a corporation in Illinois?
To end your Illinois corporation, you need to fill out and submit two copies of the BCA 12.20, Articles of Dissolution form to the Secretary of State, along with the relevant filing fee.
What is the process for leaving a company?
4
File the dissolution, surrender, or cancellation document with the California Secretary of State.
1
Ensure that any overdue tax returns have been filed and all taxes, fees, penalties and interest have been paid.
2
Submit the most recent tax return.
3
Stop conducting business in California from the final taxable year.
4
Send the appropriate paperwork to the California Secretary of State to dissolve, surrender, or cancel the business entity.
What is the process for closing my business on my taxes in Illinois?
You can end your business electronically through MyTax Illinois for most account types. Alternatively, you can contact Central Registration at 217 785-3707 or send an email to REV.CentReg@Illinois.gov.
What is the process for shutting down a C corporation?
You need to submit Form 966, Corporate Dissolution or Liquidation, if you have agreed to wind up your corporation or sell off any of its shares. Additionally, you must file your last income tax return for your corporation.
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