Are you considering closing down your corporation in Illinois? This article will guide you through the critical steps to dissolve an Illinois corporation correctly, whether it's an S-Corporation or a C-Corporation, to protect yourself from personal liability. Learn how to obtain shareholder consent, file the necessary articles of dissolution with the Illinois Secretary of State, and properly wind up your corporation's affairs. We'll also explore the differences between voluntary and involuntary dissolution, emphasizing why following proper procedures isn't just recommended—it's essential for your financial and legal protection.
April 22, 2024
The ability of a majority shareholder to initiate a ‘minority shareholder force sale’ lies within specific legal mechanisms such as buy-sell agreements and drag-along provisions. This article unpacks the complex dynamics of such scenarios, outlining your rights, possible strategies for majority shareholders to encourage a sale, and the legal protections and remedies available to you as a minority shareholder.
February 20, 2024
This article will provide an overview of basic business entity laws types of business structures in Illinois and review what changes are in store for Illinois’ business in 2024.
January 12, 2024
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