Chicago Illinois Dissolution Package to Dissolve Limited Liability Company LLC
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How to fill out Illinois Dissolution Package To Dissolve Limited Liability Company LLC?
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FAQ
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.
These terms are often used interchangeably, but have distinct legal meanings. Dissolution is the winding up of the affairs of the entity in advance of the termination of the entity. Termination of the entity occurs when the entity ceases to legally exist.
To dissolve an LLC in Illinois you need to file the Statement of Termination with the Illinois Secretary of State via mail or in person for $5. If you're thinking of dissolving your LLC, you'll need to pay taxes and file articles of dissolution. The filing fee is $100 and you can get the form from the SOS website.
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.
You must submit two duplicate copies of the articles of dissolution. The filing fee for the articles is $100. Your filing usually will be processed in a week to 10 days. Expedited processing is available for an additional fee by in-person request in Chicago or Springfield.
(a) A dissolved limited liability company may publish notice of its dissolution and request persons having claims against the company to present them in accordance with the notice. company is barred unless a proceeding to enforce the claim is commenced within 5 years after publication of the notice.
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.
Closing Correctly Is Important Officially dissolving an LLC is important. If you don't, you can be held personally liable for the unpaid debts and taxes of the LLC. A few additional fees you should look for; Many states also levy a fee against LLCs each year.
In Illinois, if you and the members of the LLC want to discontinue business, then it is necessary to dissolve their business legally to avoid any administrative and legal consequences. To dissolve an LLC in Illinois, you are required to submit a complete Article of Dissolution to the Secretary of State.