Illinois Withdrawal of Assumed Name for Corporation
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How to fill out Withdrawal Of Assumed Name For Corporation?
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FAQ
The first step to closing up shop is receiving shareholder approval to formally close the corporation. The board of directors should adopt a resolution to dissolve the corporation and receive approval for the action.
There are three main steps involved in a voluntary dissolution of a corporation: Filing the document to dissolve the corporation with the state. Wrapping up operations of the business. Liquidating and then distributing the assets of the corporation to the shareholders.
Under Illinois law, all businesses are required to register alternative trade names by filing for a DBA if the business seeks to operate under a different name than the name used when it was formed. In the case of a sole proprietorship, any name different than the owner's legal name requires registration.
(a) Any corporation may elect voluntarily to wind up and dissolve (1) by approval of a majority of all members (Section 12223) or (2) by approval of the board and approval of the members (Section 12224).
Illinois does not have a formal method of actually transferring names. The answer is that the LLC currently with that assumed name must file a Form LLC-1.20 to cancel its DBA with the state. This must be done via mail or in-person. After this, then the new LLC simply applies for the name.
An assumed business name, also called a DBA (doing business as) name, is used by an entity that is conducting business under a name that is not its legal name. Any business that uses an assumed name should take steps to comply with the assumed name statutes in the state(s) in which it does business.
How do you dissolve an Illinois Corporation? To dissolve your corporation in Illinois, you submit in duplicate the completed BCA 12.20, Articles of Dissolution form by mail or in person to the Secretary of State along with the filing fee.
This is done by filing a form with the Illinois Secretary of State called ?Articles of Dissolution? (Form BCA 12.20) and paying a nominal fee. The form will contain some basic information regarding your corporation as well as the method by which you obtained shareholder authorization for the dissolution.
