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How to end an LLC

IdrisIdris Posts: 2subscriber
edited August 2009 in Watercooler Talk
Hi folks,I have had the pleasure of having my first startup failure.  Whoo Hoo!I learned a lot and am moving on the next effort, but before I do I need to end the LLC I started with my partner. The LLC is in Illinois, and there is a $250 annual fee for continuing to exist.  Can I simply not pay this fee to end the LLC, or is there some form or something I need to submit.  I hope I don`t need to pay any money to do this, cause that would be kind of ridiculous to have to pay a fee to end a company.Anyway, thanks for your help in advance.

Comments

  • IdrisIdris Posts: 2subscriber
  • IdrisIdris Posts: 2subscriber
    Thanks for your response.What is the legal difference between filing the Articles of Dissolution and letting the filing expire by not filing the annual report?
  • URVAURVA Posts: 1subscriber
    From reading the Articles, I would say that it protects all parties against future law suites.
     
    May I ask what was the business? 
     
    What is your new endeavor?
     
    Just curious.
  • IdrisIdris Posts: 2subscriber
    I just sent in the dissolution forms because I figured that the State of Illinois would just continue to bill me the annual payment requirements plus late fees until I actually did.My first business and website is up at seeingfinance.com.  I realized quickly that it fell more into the bucket of cool website than actual business.  But I learned some good things from it, including that you need to pay money to end a business as well as register it in the first place.Now I am in California and am starting a laundry delivery service geared toward the college community in my hometown.Starting an LLC in CA is extremely expensive ($800), so I`m looking for other states to get limited liability protection.  I`ll do that once the business is up and running.Thanks for your answers and question.
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