As an expert business broker, I am often asked how to close an LLC in Illinois. This question can be tricky, since there are a few steps involved with the process. In this article, I will provide a step-by-step guide to help you close your LLC quickly and efficiently.

How to Close an LLC in Illinois?

Closing an LLC in Illinois requires the submission of articles of dissolution to the office of the Illinois Secretary of State for processing. It is important to follow the LLC’s operating agreement, which typically requires a vote with LLC members to dissolve the LLC. This vote must then be recorded in the LLC’s records. You will also need to 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 ten days.

Steps to Closing an LLC in Illinois

  • Follow your Illinois LLC operating agreement
  • Hold a vote with LLC members to dissolve the LLC
  • Record the dissolution vote in the LLC’s records
  • Submit two duplicate copies of the articles of dissolution to the office of the Illinois Secretary of State with a filing fee of $100
  • The filing usually will be processed in a week to ten days

Additional Considerations for Closing an LLC in Illinois

When you decide to close your business, you must contact the Illinois Department of Revenue regarding your tax liabilities. Contact can be made via email at [email protected] or by phone at 1-800-732-8866. You can also file Withholding Income Taxes online with MyTax Illinois.

It is also important to remember that a copy of any process against the Limited Liability Company must be mailed to the following address:

Illinois Secretary of State
Attn: Business Services Division
501 S. Second St., Rm. 351
Springfield, IL 62756

If you have any questions about closing an LLC in Illinois, or about any other business topics, visit atlantabusinesses.com for great answers to all your questions about selling a business and about business brokers.

What are the steps to dissolve an LLC in Illinois?

When you have decided to shut down your business, you should touch base with the Illinois Department of Revenue regarding any tax obligations. You can do this electronically with MyTax Illinois, by phone at 217-785-3707, or in another manner.

Is it necessary to dissolve an LLC in Illinois?

If the LLC is not properly ended by the Secretary of State of Illinois, it will be subject to any fines and ongoing fees.

What is the process for closing an LLC?

In order to formally close an LLC, you must file a last tax return to both the state and the Internal Revenue Service. Be sure to check the box to indicate that this is the final return for the LLC. Additionally, you must complete Schedule K-1 and provide a copy to each member, so that they are aware of any losses or gains they must include in their individual tax returns.

What is the procedure for shutting down a business in Illinois?

In order to dissolve your corporation in Illinois, you need to send two copies of the finished BCA 12.20, Articles of Dissolution form to the Secretary of State via mail or deliver it in person and include the required filing fee.