Illinois Withdrawal of Assumed Name for Corporation: Understanding the Process When a corporation in the state of Illinois decides to cease doing business under an assumed name, they must file a withdrawal of assumed name with the Illinois Secretary of State. The withdrawal of assumed name is a legal document that formally notifies the state that the corporation will no longer operate under the name it previously registered. To initiate the withdrawal process, the corporation must adhere to certain guidelines established by the Illinois Business Corporation Act. Failure to comply with the prescribed procedures may lead to delays or complications in the withdrawal process. It is therefore essential to understand the requirements and steps involved in withdrawing an assumed name for a corporation in Illinois. Key Steps and Requirements for Illinois Withdrawal of Assumed Name for Corporation: 1. Conduct Name Availability Search: Before filing a withdrawal, it is crucial to ensure that the intended name, without the assumed name, is still available for use in the state of Illinois. A thorough search should be conducted through the Illinois Secretary of State's website or with the assistance of a professional service. 2. Gather Required Information: To properly complete the withdrawal application, certain information about the corporation and the assumed name must be provided. This includes the legal name of the corporation, the assumed name being withdrawn, the principal place of business, the name and address of the registered agent, and the date the assumed name was adopted. 3. Draft a Resolution: The corporation's board of directors must authorize the withdrawal by passing a resolution. The resolution should clearly state the decision to withdraw the assumed name and authorize an officer of the corporation to execute and file the withdrawal with the Illinois Secretary of State. 4. Prepare and File the Withdrawal Application: Using the information gathered, prepare the withdrawal application. The application can be submitted online through the Illinois Secretary of State's website or by mail. Along with the application, the required filing fee must be paid. It is important to accurately complete the form to avoid any processing delays. 5. Notify Relevant Parties: Prior to filing the withdrawal application, it is advisable to inform any stakeholders, business partners, or financial institutions about the corporation's decision to withdraw its assumed name. Ensuring all parties are aware of the change helps to minimize any confusion or disruption during the withdrawal process. Types of Illinois Withdrawal of Assumed Name for Corporation: There are two primary types of withdrawal for a corporation's assumed name in Illinois: 1. Voluntary Withdrawal: This occurs when the corporation proactively decides to discontinue using the assumed name and files the withdrawal application with the Illinois Secretary of State. 2. Involuntary Withdrawal: In some cases, the Illinois Secretary of State may order the withdrawal of an assumed name if the corporation has violated any statutory requirements or fails to maintain compliance with state regulations. By following the appropriate steps and meeting the necessary requirements, a corporation in Illinois can successfully withdraw its assumed name, bringing a formal end to its business activities under that name. It is always advisable to seek professional legal advice or consult with experts regarding any specific questions or concerns related to the withdrawal process.
Illinois Withdrawal of Assumed Name for Corporation
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