Do you have questions about how to close a business in Illinois? If so, you’ve come to the right place! This article will provide you with an overview of the steps you need to take to close a business in the state of Illinois, from contacting the Illinois Department of Revenue to filing dissolution paperwork with the Secretary of State. We’ll also provide you with helpful links to the relevant government entities to make the process as easy as possible.

How to Close a Business in Illinois?

Closing a business in Illinois requires a few steps. First, you need to contact the Illinois Department of Revenue regarding your tax liabilities. You can make contact in person, online, or by phone. Then, you need to file dissolution paperwork with the Secretary of State. This requires a $5 filing fee, with an additional $50 expedite fee if requested in person. The paperwork is part of the Illinois Business Corporation Act (BCA), and it must be filed by all shareholders entitled to vote on the dissolution.

Important Information When Closing a Business in Illinois

When closing a business in Illinois, it’s important to keep the following in mind:

  • Contact the Illinois Department of Revenue regarding your tax liabilities.
  • File dissolution paperwork with the Secretary of State.
  • Filing fee is $5, with an additional $50 expedite fee if requested in person.
  • File the paperwork as part of the Illinois Business Corporation Act (BCA).
  • Must be filed by all shareholders entitled to vote on the dissolution.

It’s also important to note that while filing the dissolution paperwork is necessary, it does not automatically end any related contracts or obligations that you may have. You’ll need to look into the specifics of each contract to determine what steps you need to take to legally terminate them.

Conclusion

Closing a business in Illinois is not a difficult process, but it does require a few steps. Make sure to contact the Illinois Department of Revenue regarding your tax liabilities, and file dissolution paperwork with the Secretary of State. Remember that filing the paperwork does not automatically end any related contracts or obligations, so you’ll need to look into the specifics of each contract to determine what steps you need to take to legally terminate them.

For more information on closing a business in Illinois, as well as answers to all your questions about selling a business and about business brokers, visit Atlantabusinesses.com.

What are the steps I need to take to shut down my LLC in Illinois?

If you choose to terminate your business, you must inform the Illinois Department of Revenue about your tax obligations. You can get in touch with them by using the MyTax Illinois online platform, calling their phone number at 217-785-3707, or by other means.

How should a business be shut down correctly?

1
Submit a Final Tax Return and Associated Documents.
2
Address Your Workers’ Needs.
3
Pay Any Taxes You Still Owe.
4
Report Payments to Self-Employed Individuals.
5
Cancel Your Employer Identification Number and Close Your IRS Business Account.
6
Retain Your Records.

What is the process for shutting down my sales tax account in Illinois?

To close your sales tax permit in Illinois, you can go to the MyTax Illinois portal and select “Request to Close Account”, you can also call the state department on 217-785-3707, or submit the “Questions, Comments, or Request” form.

What is the process for voluntarily dissolving a corporation in Illinois?

Shareholders may give their unanimous written approval to dissolve the company, without needing any input from the board of directors or holding a shareholders meeting. Alternatively, dissolution may be authorized by vote at a shareholders meeting, or by written consent from less than all shareholders.