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Close your business Decide to close. Sole proprietors can decide on their own, but any type of partnership requires the co-owners to agree. ... File dissolution documents. ... Cancel registrations, permits, licenses, and business names. ... Comply with employment and labor laws. ... Resolve financial obligations. ... Maintain records.
General Steps for Closing a Business File the final tax return for your business. ... File a final tax return for employment taxes. ... Be sure to note on all tax returns that this is the final tax return. ... Process all required dissolution documents. ... Confirm your final tax liabilities.
All Illinois LLCs need to pay $75 per year for the Annual Report. These state fees are paid to the Secretary of State. And this is the only state-required annual fee.
LLC ownership is personal property to its members. Therefore the operating agreement and Illinois state laws declare the necessary steps of membership removal. To remove a member from your LLC, a withdrawal notice, a unanimous vote, or a procedure depicted in the articles of organization may entail.
Check your state Secretary of State's website for the form to file indicating that you are dissolving your LLC. Complete the form and follow the instructions for filing it with the state. This will formally close down the name of your LLC.
Closing a Business in Illinois: Everything You Need to Know 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.
To dissolve/terminate your domestic LLC in Illinois, you must submit the completed form LLC-35-15, Statement of Termination in duplicate to the Illinois Secretary of State by mail or in person along with the filing fee.
Guidelines. The LLC must be in good standing. An LLC cannot terminate or withdraw if the company has been administratively dissolved, revoked, merged, converted, domesticated or expired. The termination must be executed by a manager or other person authorized by the company.