Illinois Dissolution Package to Dissolve Corporation
About this form
The Illinois Dissolution Package to Dissolve Corporation is a comprehensive set of forms designed to assist corporations in Illinois with the voluntary dissolution process. This package includes all necessary legal documents, step-by-step instructions, and additional resources to simplify the dissolution process. Unlike other forms that may address different aspects of corporate governance, this package is specifically tailored for corporations looking to formally cease operations and dissolve legally.
When to use this form
This form is typically used when a corporation in Illinois decides to cease business operations and dissolve voluntarily. Situations where this form is needed may include: - An organization that has completed its business goals and wishes to wind down. - A corporation with no outstanding debts and unissued shares. - When shareholders agree to dissolve the corporation through a vote or unanimous consent.
Who this form is for
- Corporations in Illinois that have made the decision to dissolve voluntarily.
- Directors and incorporators responsible for initiating the dissolution process.
- Shareholders who need to provide consent or approval for the dissolution.
- Legal representatives or advisors assisting in the dissolution process.
How to prepare this document
- Gather the necessary information required for dissolution, including the corporation's name and details of incorporators or directors.
- Complete the Articles of Dissolution form legibly, ensuring all required sections are filled out.
- Notify all incorporators and directors at least three days prior to execution of the Articles of Dissolution.
- File the original and a copy of the Articles of Dissolution with the Secretary of State, including the filing fee.
- Proceed with winding up corporate affairs, including notifying creditors and answering any claims submitted.
Is notarization required?
Notarization is not commonly needed for this form. However, certain documents or local rules may make it necessary. Our notarization service, powered by Notarize, allows you to finalize it securely online anytime, day or night.
Common mistakes to avoid
- Failing to notify all incorporators or directors at least three days prior to execution of dissolution forms.
- Not obtaining the required shareholder approval or consent before dissolution.
- Neglecting to pay off all corporate debts prior to submitting dissolution paperwork.
- Submitting incomplete or illegible Articles of Dissolution which may result in delays.
Why use this form online
- Convenient access to all necessary forms and documentation for dissolution without needing to visit an attorney's office.
- Steps and guidance are clearly laid out, making it easier for users to follow even without legal experience.
- Forms are available for download, allowing for easy storage and reference.
- Reduces the time and effort involved in locating individual forms and legal requirements.
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FAQ
Failing to dissolve the corporation allows third parties to continue to sue the corporation as if it is still in operation. A judgment might mean that shareholders use the money received from distributed assets when the corporation closed down to satisfy judgments against the corporation.
Dissolve the Legal Entity (LLC or Corporation) with the State. An LLC or Corporation needs to be officially dissolved. Pay Any Outstanding Bills. You need to satisfy any company debts before closing the business. Cancel Any Business Licenses or Permits. File Your Final Federal and State Tax Returns.
After a company is dissolved, it must liquidate its assets. Liquidation refers to the process of sale or auction of the company's non-cash assets.Assets used as security for loans must be given to the bank or creditor that extended the loan, or you must pay off the loan before selling such assets.
You must file Form 966, Corporate Dissolution or Liquidation, if you adopt a resolution or plan to dissolve the corporation or liquidate any of its stock. You must also file your corporation's final income tax return.
By unanimous written consent of the members entitled to vote on dissolution. by action of the directors followed by a vote or other consent of the members; or.
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.
Dissolving the CorporationCalifornia's General Corporation Law (GCL) provides for voluntary dissolution if shareholders holding shares with at least 50 percent of the voting power vote for dissolution.
Call a Board Meeting. File a Certificate of Dissolution With the Secretary of State. Notify the Internal Revenue Service (IRS) Close Accounts and Credit Lines, Cancel Licenses, Etc.
When a corporation is dissolved, it no longer legally exists and, in most cases, its debts disappear as well. State laws usually give additional time beyond the dissolution for creditors to file suits for failure to pay any corporate debts or for the wrongful distribution of corporate assets.
