File Number. No time limit is established from when the Illinois Secretary of State would require you to completely start over with your LLC. Home | Terms of Use | Privacy Policy © 2013-2021 Levin Ginsburg. 180 North LaSalle Street, Suite 3200 | Chicago, Illinois 60601. 3. To dissolve Illinois LLC requires a submission of the LLC's articles of dissolution to the office of the Illinois Secretary of State for processing.4 min read. (c) Upon the administrative dissolution of a limited liability company, a dissolved limited liability company shall continue for only the purpose of winding up its business. Illinois demands the submission of two duplicates of their articles of dissolution by traditional mail. Minutes of the meeting should be recorded and retained in the business records. What Happens After Dissolving an Illinois LLC? State laws govern the steps for dissolution. No vote or action by the board of directors is required for dissolution through unanimous written consent. If you need help with dissolving an Illinois LLC, post your legal need at UpCounsel's marketplace. 3. The moment the first set of actions is taken, the Secretary of State of Illinois spends about seven to 10 weekdays to work on the articles of dissolution. Administrative dissolution can occur if you do not file your annual report within 90 days of the due date. Please enter the File Number of the LLC to be reinstated. 180 North LaSalle Street, Suite 3200 | Chicago, Illinois 60601 | ph: (312) 368-0100 | fx: (312) 368-0111 Creditors may be able to make a claim against the dissolved LLC for up to 5 years after dissolution. Some of the things to do before requesting dissolution are as follows: An entity who legally represents an LLC's last surviving member may wind up the business of a limited liability company. To dissolve Illinois LLC requires a submission of the LLC's articles of dissolution to the office of the Illinois Secretary of State for processing. Your LLC is registered with the State of Illinois. Illinois Secretary of State Reinstatement Filing - LLC. What Is Illinois Corporation Dissolution? Officially ending its existence as a state-registered business entity, and putting it beyond the reach of creditors and other claimants, begins with a formal process called dissolution. By failing to follow these rules, such as filing articles of dissolution, the company may not terminate. For example, in Arizona you must file a certificate of termination with the Arizona Corporation Commission. Business do … How to File Articles of Dissolution with the Illinois Secretary of State . The effective date of the administrative dissolution of the applicant limited liability company was: _____. No. Notify all the LLC's creditors of its impending dissolution. Administrative Dissolution is also called Involuntary Dissolution. The Registered Agent on file for this company is National Corporate Research, L and is located at 520 South Second St, Suite 403, Springfield, IL 62701. Once the shareholders of your corporation have consented to dissolution, the next step is to alert the Secretary of State of the corporate dissolution. The Secretary of State shall not allow another corporation or limited liability company to use the name of a domestic corporation that has been administratively dissolved until 3 years have elapsed following the date of issuance of the certificate of dissolution. Hire the top business lawyers and save up to 60% on legal fees. A dissolved limited liability company may take all action authorized under Section 1-30 or otherwise necessary or appropriate to wind up its business and affairs and terminate. For more information, please contact the Department of Business Services, Limited Liability Division at 217-524-8008 ext. Upon reinstatement, the actions made by the company during the period of administrative dissolution are “ratified and confirmed” pursuant to the “relation-back” provisions of the LLC Act or the Corporation Act. Liquidating your company through Chapter 7 Bankruptcy You can make the process faster by paying an extra $50 for a guaranteed 24-hour processing. THIS SUMMARY PACKAGE ADDRESSES ONLY VOLUNTARY DISSOLUTION. However, you can only request the fast-track service if you physically visit the Chicago or Springfield offices. What needs to be done to reinstate a company in Illinois? 2. The reinstatement documents must be executed … Illinois Secretary of State Identification Number. If your LLC is registered or meets the requirements to do business, and does do business, in other states, you have to file to dissolve it in the other states with separate forms. Revive Or Reinstate An Illinois Limited Liability Company. Illinois’s Business Corporation Act (“BCA”) provides for voluntary dissolution through the unanimous written consent of all shareholders entitled to vote on dissolution. (c) Upon the administrative dissolution of a limited liability company, a dissolved limited liability company shall continue for only the purpose of winding up its business. The predicament in CF SBC Pledgor was a novel issue under established Illinois LLC law; thus, the Illinois Appellate Court looked to precedent under the Corporation Act. Every obligation of the Illinois LLC, such as all reports, all debts, and liabilities must be adequately filled, paid, and taken care of, respectively, before the Secretary of State of Illinois will approve its dissolution. Distribute every asset remaining (if there are any assets remaining, the LLC may distribute them in accordance with members' interests of ownership). Convene a meeting of LLC members and create a record of their resolution to dissolve the LLC. 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