What steps should I take to dissolve my LLC in Illinois?

How to Dissolve Your LLC in Illinois

To voluntarily dissolve your LLC in Illinois, you must follow certain steps:

1. Hold a Vote: The first step is to hold a vote among the members of the LLC to dissolve the company. Illinois law requires a majority vote in favor of dissolution.
2. File Articles of Dissolution: Once the vote is complete, file Articles of Dissolution with the Illinois Secretary of State's office. These articles must include the LLC name, the date of incorporation, the reason for dissolution, and the signature of the LLC's authorized representative.
3. Notify Creditors and Other Parties: You must notify all creditors, customers, vendors, suppliers, and other parties that have contracts or agreements with the LLC of the company's dissolution. This gives them the opportunity to file a claim against the LLC.
4. Settle Obligations and Liabilities: All obligations and liabilities of the LLC must be settled before dissolution. If the LLC has outstanding debts or obligations, they must be satisfied prior to dissolving the LLC.
5. Distribute Assets: After settling all obligations and liabilities, the remaining assets of the LLC can be distributed to the members. The distribution must be made in accordance with the LLC operating agreement or state law.
6. Terminate Business Licenses: All business licenses and permits obtained by the LLC must be terminated. This includes filing a final tax return and canceling the LLC's state tax ID number.
7. Close Bank Accounts: Close all bank accounts associated with the LLC.

It is important to note that there can be potential limitations or exceptions to the advice given and that the specific circumstances of each case may require additional action. It is always recommended that you consult with a licensed attorney to ensure that all necessary steps are taken to properly dissolve your LLC in accordance with Illinois law.