Illinois Withdrawal of Assumed Name for Corporation: Understanding the Process When a corporation in the state of Illinois decides to cease doing business under an assumed name, they must file a withdrawal of assumed name with the Illinois Secretary of State. The withdrawal of assumed name is a legal document that formally notifies the state that the corporation will no longer operate under the name it previously registered. To initiate the withdrawal process, the corporation must adhere to certain guidelines established by the Illinois Business Corporation Act. Failure to comply with the prescribed procedures may lead to delays or complications in the withdrawal process. It is therefore essential to understand the requirements and steps involved in withdrawing an assumed name for a corporation in Illinois. Key Steps and Requirements for Illinois Withdrawal of Assumed Name for Corporation: 1. Conduct Name Availability Search: Before filing a withdrawal, it is crucial to ensure that the intended name, without the assumed name, is still available for use in the state of Illinois. A thorough search should be conducted through the Illinois Secretary of State's website or with the assistance of a professional service. 2. Gather Required Information: To properly complete the withdrawal application, certain information about the corporation and the assumed name must be provided. This includes the legal name of the corporation, the assumed name being withdrawn, the principal place of business, the name and address of the registered agent, and the date the assumed name was adopted. 3. Draft a Resolution: The corporation's board of directors must authorize the withdrawal by passing a resolution. The resolution should clearly state the decision to withdraw the assumed name and authorize an officer of the corporation to execute and file the withdrawal with the Illinois Secretary of State. 4. Prepare and File the Withdrawal Application: Using the information gathered, prepare the withdrawal application. The application can be submitted online through the Illinois Secretary of State's website or by mail. Along with the application, the required filing fee must be paid. It is important to accurately complete the form to avoid any processing delays. 5. Notify Relevant Parties: Prior to filing the withdrawal application, it is advisable to inform any stakeholders, business partners, or financial institutions about the corporation's decision to withdraw its assumed name. Ensuring all parties are aware of the change helps to minimize any confusion or disruption during the withdrawal process. Types of Illinois Withdrawal of Assumed Name for Corporation: There are two primary types of withdrawal for a corporation's assumed name in Illinois: 1. Voluntary Withdrawal: This occurs when the corporation proactively decides to discontinue using the assumed name and files the withdrawal application with the Illinois Secretary of State. 2. Involuntary Withdrawal: In some cases, the Illinois Secretary of State may order the withdrawal of an assumed name if the corporation has violated any statutory requirements or fails to maintain compliance with state regulations. By following the appropriate steps and meeting the necessary requirements, a corporation in Illinois can successfully withdraw its assumed name, bringing a formal end to its business activities under that name. It is always advisable to seek professional legal advice or consult with experts regarding any specific questions or concerns related to the withdrawal process.
Illinois Withdrawal of Assumed Name for Corporation
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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.
