Overview of Illinois Close Corporation
An Illinois Close Corporation is a unique corporate structure designed for small, closely held businesses. It combines features of a standard corporation with a partnership or sole proprietorship. The statutory provisions can be found in Article 2A of the Illinois Business Corporation Act.
Starting an Illinois Close Corporation
To start a corporation in Illinois, write and file Articles of Incorporation, enumerate shareholders, and register with the Secretary of State’s office. You do not need a physical office in Illinois to start a corporation, but you must have an in-state registered agent to receive legal and tax notices.
Dissolution of an Illinois Corporation
To dissolve an Illinois corporation, notify the Secretary of State and file Articles of Dissolution. Our service charge is $249 plus state fees. This includes same-day processing, meeting minutes, and handling paperwork.
Once officially registered, a corporation must begin reporting tax obligations. Failure to comply will result in penalties. The process of dissolution has 5 main steps: get directors/shareholders to vote, file paperwork with the state, pay fees/taxes, distribute assets, and close bank account/licenses.
What is the purpose of a closed corporation?
What is the difference between a close corporation and a regular corporation?