Becoming a business owner takes tenacity and fortitude. Regardless if you run a small or a large company, it takes a lot of time and effort. In addition, societal changes can impact the success of any type of business. The COVID-19 pandemic has resulted in not only a global health crisis but an economic downturn as well. With many Illinois establishments forced to close their doors, business owners may be taking a long, hard look at their losses and whether or not they can afford to stay in business. For those considering dissolving their Illinois business, it can be a very emotional decision, and there are also many legal aspects to be aware of. A skilled business law attorney can help protect your rights while you navigate the steps of the dissolution of your company.
Illinois Business Laws
Under Illinois law, businesses may be dissolved involuntarily by court order as a result of a lawsuit by creditors, or by the Illinois Secretary of State for failing to file an annual report or pay annual fees. They may also be dissolved voluntarily by shareholder consent.
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