Illinois Liquidation Proposal
Description
How to fill out Liquidation Proposal?
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FAQ
You must submit an Illinois Statement of Termination (Form LLC-35.15) to the Secretary of State to dissolve the LLC. The form may be mailed, delivered in person, or submitted online. An LLC must be in good standing to be voluntarily dissolved.
The process of dissolving a company is done by the company's directors by submitting a DS01 form and paying the relevant fee. A notice is then placed in the Gazette stating the company's intention to strike itself from the register. If no objections are received, the company will be dissolved.
Illinois Dissolution FAQs The filing fee for dissolution is $5. An additional $50 will be necessary to expedite the process.
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.
To comply with corporation formalities, the board of directors should draft and approve the resolution to dissolve. Shareholders then vote on the director-approved resolution. Both actions should be documented and placed in the corporate record book.
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.
