How Do I Close a Business in Illinois?

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Closing your Illinois business is more complex than just putting a “Going Out of Business” sign on the door and not re-opening. When you opened your business, you applied for business licenses and tax information. Now that you are closing your business, you need to notify those entities, among others, of your impending closure.

The process of closing your business is based on the type of business you own. The State of Illinois Business Portal features a list of the forms and notifications involved in closing a business in the state.

Complete an Article of Dissolution form available here in Resources or from the office of the Illinois Secretary of State. This form notifies the state that your business will cease to exist on the date you provide on the form.

Include a check for $5, made payable to the Illinois Secretary of State, with your completed Article of Dissolution form.

Mail your Article of Dissolution form and check to:

Secretary of State Department of Business Services Springfield, IL 62756

Contact the Illinois Department of Revenue (DOR). Visit any of the Illinois office locations or call (217)785-3707 to discuss your tax liabilities.

The DOR will inform you which additional forms you need to file based on your business entity.

File your Illinois corporate income tax return for the tax year you close your business by March 15 of the following year. Mark your return as a Final Return.

Closing your business does not exempt you from having to file all of your tax forms for the year you closed.

Tips

  • Closing your Illinois business requires many more forms than those mentioned in the above steps. The specific forms required for filing are determined by the type of business you are closing. The DOR will guide you through which forms must be filed.

References

Resources

About the Author

Tiffany Raiford has several years of experience writing freelance. Her writing focuses primarily on articles relating to parenting, pregnancy and travel. Raiford is a graduate of Saint Petersburg College in Florida.

Photo Credits

  • business is business - cliche image by Jeffrey Zalesny from Fotolia.com