As a lawyer, I can provide you with the following steps to dissolve your small business in Illinois:
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Hold a meeting with the board of directors, or if you are a sole proprietor, take the decision yourself, to dissolve the business. Discuss the reasons for the decision, and make sure the decision is in accordance with the articles of incorporation or the bylaws of the company.
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If your business has outstanding debts, you will need to pay them off before dissolving the business. Notify creditors and suppliers that the business will be shut down and that they will need to be paid in full.
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File a notice of intent to dissolve the business with the Illinois Secretary of State. This notice must include the name of the business, the date of dissolution, and an affirmation that all debts and obligations of the business have been paid or adequately provided for. The fee for filing this notice is $100.
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After filing the notice of intent, you will then need to send a copy of the notice to all interested parties, such as creditors, suppliers, and customers. This may include a notice published in a local newspaper or other business publications.
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Once you have completed these steps, you will need to file a final tax return with the Illinois Department of Revenue. Indicate that the return is for the final tax year and that the business is being dissolved.
It is important to note that there may be additional steps required depending on the type of business you are dissolving, such as notifying employees or obtaining approval from shareholders. It is also important to consult with an attorney or tax advisor before taking any steps to dissolve your business to ensure you are complying with all relevant laws and regulations.
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