Illinois Terminate S Corporation Status - Resolution Form - Corporate Resolutions

• Category: Corporations - Minutes and Resolutions - Actions
• State: Multi-State
• Control #: US-0054-CR
• Format: Word; Rich Text

Description

Form with which a corporation may resolve to alter its organization structure from a subchapter (s) corporation to another corporate form. Illinois Terminate S Corporation Status — Resolution For— - Corporate Resolutions is a legal document that allows an S Corporation in Illinois to officially terminate its status as an S Corporation. This form is typically used when the S Corporation wants to convert to a regular C Corporation or close down its operations entirely. The Terminate S Corporation Status resolution form includes various sections and necessary information required to officially dissolve an S Corporation. It outlines the details of the resolution adopted by the corporation's board of directors or shareholders, stating the reasons for termination and the effective date of termination. The form requires the following relevant information: 1. Corporation Name: The legal name of the S Corporation. 2. Date of Resolution: The date when the resolution to terminate S Corporation status was adopted. 3. Effective Date of Termination: The date from which the S Corporation will no longer be considered an S Corporation under Illinois law. 4. Reasons for Termination: A detailed explanation of why the S Corporation is terminating its status, whether for conversion to a C Corporation or a complete dissolution. 5. Shareholders Approval: If necessary, the names and signatures of the shareholders who approve the termination. Different types of Illinois Terminate S Corporation Status — Resolution Forms may include variations based on the specific circumstances of the corporation. Some common variations include: 1. Terminate S Corporation Status and Convert to C Corporation: This form is used when an S Corporation in Illinois wants to terminate its status as an S Corporation and convert to a C Corporation. It includes additional sections for outlining the process of conversion and any required filings with the Illinois Secretary of State. 2. Terminate S Corporation Status and Dissolve: This form is used when an S Corporation in Illinois wants to terminate its status as an S Corporation and dissolve the corporation entirely. It includes additional sections for distribution of assets, settlement of liabilities, and final tax filings. 3. Terminate S Corporation Status and Convert to another Business Entity: This form is used when an S Corporation in Illinois wants to terminate its status as an S Corporation and convert to another business entity such as a Limited Liability Company (LLC) or a Partnership. It includes additional sections for specifying the new entity type and any required filings with the Illinois Secretary of State. In conclusion, the Illinois Terminate S Corporation Status — Resolution For— - Corporate Resolutions is a crucial legal document for S Corporations in Illinois looking to terminate their S Corporation status. The form enables the smooth transition from an S Corporation to a different business structure or the closure of the corporation.

Illinois Terminate S Corporation Status — Resolution For— - Corporate Resolutions is a legal document that allows an S Corporation in Illinois to officially terminate its status as an S Corporation. This form is typically used when the S Corporation wants to convert to a regular C Corporation or close down its operations entirely. The Terminate S Corporation Status resolution form includes various sections and necessary information required to officially dissolve an S Corporation. It outlines the details of the resolution adopted by the corporation's board of directors or shareholders, stating the reasons for termination and the effective date of termination. The form requires the following relevant information: 1. Corporation Name: The legal name of the S Corporation. 2. Date of Resolution: The date when the resolution to terminate S Corporation status was adopted. 3. Effective Date of Termination: The date from which the S Corporation will no longer be considered an S Corporation under Illinois law. 4. Reasons for Termination: A detailed explanation of why the S Corporation is terminating its status, whether for conversion to a C Corporation or a complete dissolution. 5. Shareholders Approval: If necessary, the names and signatures of the shareholders who approve the termination. Different types of Illinois Terminate S Corporation Status — Resolution Forms may include variations based on the specific circumstances of the corporation. Some common variations include: 1. Terminate S Corporation Status and Convert to C Corporation: This form is used when an S Corporation in Illinois wants to terminate its status as an S Corporation and convert to a C Corporation. It includes additional sections for outlining the process of conversion and any required filings with the Illinois Secretary of State. 2. Terminate S Corporation Status and Dissolve: This form is used when an S Corporation in Illinois wants to terminate its status as an S Corporation and dissolve the corporation entirely. It includes additional sections for distribution of assets, settlement of liabilities, and final tax filings. 3. Terminate S Corporation Status and Convert to another Business Entity: This form is used when an S Corporation in Illinois wants to terminate its status as an S Corporation and convert to another business entity such as a Limited Liability Company (LLC) or a Partnership. It includes additional sections for specifying the new entity type and any required filings with the Illinois Secretary of State. In conclusion, the Illinois Terminate S Corporation Status — Resolution For— - Corporate Resolutions is a crucial legal document for S Corporations in Illinois looking to terminate their S Corporation status. The form enables the smooth transition from an S Corporation to a different business structure or the closure of the corporation.