Dissolution of a Business

What Is Dissolution?

Officially ending the existence of  an Illinois State registered business entity, and putting it beyond the reach of creditors and other claimants, begins with a formal process called dissolution of a business.

Many Illinois and Chicago small business owners eventually end business operations.  More often than not, electing to start the dissolution process is a stressful decision and process.  Whatever the reasons for closing the business are, there are a host of legal, accounting and tax responsibilities that must be undertaken to protect every member or shareholder of the company, each member’s or shareholder’s personal credit, and every member’s or shareholder’s reputation in the industry and community – especially true if any member or shareholder anticipates going into business again. Our Chicago corporate attorneys will guide you through the dissolution process and make sure your interests are well protected and represented.

Termination of business operations, also known as a dissolution in legal terms, requires many steps.  This dissolution process is usually complex and the assistance of a business lawyer and a tax professional is necessary.  Dissolution of a corporation and the dissolution of a limited liability company require different tasks and ongoing duties and responsibilities.

The dissolution process is complex and our business lawyers and financial professional can ensure a smooth transition.