How to dissolve or terminate an Illinois Limited Liability Company
How do you dissolve an Illinois Limited Liability Company?
To dissolve/terminate your domestic LLC in Illinois, you must submit the completed form LLC-35-15, Articles of Dissolution in duplicate to the Illinois Secretary of State by mail or in person along with the filing fee.
Is there a filing fee to dissolve or cancel an Illinois LLC?
To dissolve your Limited Liability Company in Illinois, there is a $100 filing fee required.
Do you need a Department of Revenue clearance before the Secretary of State will accept your dissolution?
How long does it take the state to process the filing?
All documents filed with the Illinois Secretary of State are processed in seven to ten days. You may expedite for an additional $50, which guarantees 24-hour processing, but this can only be requested in person at the Springfield or Chicago offices.
How long before someone can take your business name?
The day after a company is dissolved the business name can be requested and claimed by another entity.
What is the penalty if you do not dissolve properly and just don’t file your annual reports?
Your domestic Limited Liability Company in Illinois will be mailed a Notice of Delinquency as soon as you miss your annual report due date. The notice will inform you that you have six months to correct your delinquency before your LLC is administratively dissolved. The penalty for failure to file your annual report and pay the fee within 60 days of the due date is $300. The fee that goes with the annual report is $250. After the six-month period when your business has been dissolved, you must also file an Application for Reinstatement that carries an additional $500 fee. For each year beginning with the second year of delinquency, the penalty is an additional $100. Also, if your business name has been claimed by a different entity during your revocation, Illinois requires you file Articles of Amendment along with the reinstatement, amending your business name. The amendment has a $150 filing fee.
Where do I send my Illinois LLC Articles of Dissolution?
Department of Business Services
Limited Liability Division
501 S. Second St., Rm 351
Springfield, IL 62756
(217) 524-8008, or
Illinois Secretary of State
69 W. Washington, Suite 1240
Chicago, IL 60602
Schaumburg, IL 60173