How do you dissolve a corporation in Illinois?

Hold a board of directors meeting and formally move to dissolve your corporation. ... File the Articles of Dissolution with the Illinois Secretary of State. Fulfill all tax obligations with the state of Illinois, as well as with the IRS.

How do I close my small business in Illinois?

File final tax returns and terminate your EIN. File the required dissolution documents. Settle any remaining tax liabilities and other debts. Sell any remaining inventory, property, and other assets. Cancel any remaining insurance policies, licenses, or permits.

Is a domestic profit corporation the same as as corporation?

Domestic profit corporations are formed for the purpose of generating profit for shareholders. A corporation is generally composed of three classes of persons: shareholders, directors, and officers.

What does it mean to dissolve a corporation?

Dissolving a company means to officially and formally close the business. While ceasing operations is part of this process, there's more to dissolving a business than just locking the front door.

Whats does Corporation mean?

S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. ... S corporations are responsible for tax on certain built-in gains and passive income at the entity level.

What is the difference between C Corp and S Corp and LLC?

An LLC is a legal entity only and must choose to pay tax either as an S Corp, C Corp, Partnership, or Sole Proprietorship. Therefore, for tax purposes, an LLC can be an S Corp, so there is really no difference.

How do you dissolve a corporation?

Step 1: Corporation or LLC action. ... Step 2: Filing the Certificate of Dissolution with the state. ... Step 3: Filing federal, state, and local tax forms. ... Step 4: Notifying creditors your business is ending. ... Step 5: Settling creditors' claims.

What is required to dissolve a corporation?

Just as you would file Articles of Incorporation to start your corporate entity and to bring it into existence, you must also file Articles of Dissolution (also known as a Certificate of Dissolution) to notify the state that you are terminating or dissolving the corporation.

What does it mean to be a domestic corporation?

A domestic corporation is a company that conducts its affairs in its home country. ... For example, a corporation that is incorporated in Delaware will be considered as a domestic business in Delaware and as a foreign business in all other states.

What does domestic BCA Corporation mean?

Domestic BCA Any company that files Articles of Incorporation in the State of Illinois under the Business Corporation Act of 1983, as amended is considered a domestic corporation in the State of Illinois.

Get BCA 12.20 2003-2023

__________ $_____________ TOTAL (COMPLETE BOTH SIDES OF DOCUMENT) Printed by authority of the State of Illinois. June 2006 - 10M - C 152.15 $_____________ b. List all cancellations of shares not previously reported to the Secretary of State and give the cost. Date of Cancellation ______________ Class _______________ Number of Shares Cancelled ____________________ Cost ______________ $_____________ $_____________ TOTAL $_____________ 5. Issued shares at date of execution: Class Series Pa.

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