This Plan of Dissolution of a Law Firm covers covers all necessary topics for the dissolution of the firm. Included are: Plan of dissolution, liquidation objectives, surrender of leasehold estates, estimated balance sheet items, termination of personnel, accounts receivable billing and collecting, cash management, professional liability, and indemnity issues.
Illinois Dissolving a Law Firm
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US-L07054
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FAQ
Winding up involves the settling of accounts (e.g., returning debts to creditors), liquidation of corporate assets, and addressing any needs to allow the business to close. Corporations that have dissolved are generally prohibited from conducting any type of business except for winding up its affairs.
Dissolution. 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.
6 Steps to Dissolve a Corporation #1 ? Seek Approval from the Board of Directors and Shareholders. First, hold a meeting with the board of directors. ... #2 ? File Articles of Dissolution. ... #3 ? Finalize Taxes. ... #4 ? Notify Creditors. ... #5 ? Liquidate and Distribute Assets. ... #6 ? Wrap Up Operations.
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.
Once a corporation has dissolved, it is no longer an active legal entity. Dissolution for a corporation is similar to when an individual has died. An incorporated body may be dissolved intentionally or unintentionally.
Steps of the Dissolution Process Provide name and corporation number along with the date of incorporation. Agree to the certifying statements. Choose a date for the dissolution to take place. Enter the name and address of the director authorizing the dissolution.
Illinois does not require individuals to file formal notice of a partnership's dissolution. However, it is advisable to file a Statement of Dissolution with the Secretary of State's office. This can help protect both partners from legal liability for any debts or actions that occur after the partnership is dissolved.
The first is voluntary dissolution, which is an elective decision to dissolve the entity. A second is involuntary dissolution, which occurs upon the happening of statute-specific events such as a failure to pay taxes. Last, a corporation may be dissolved judicially, either by shareholder or creditor lawsuit.