Dissolution Lawyers for Elgin, Illinois
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Meet some of our Elgin Dissolution Lawyers
Jeff A.
Trusted legal counsel and business advisor to businesses and executive teams in the software, financial, and technology industries. Practice areas include commercial transactions, licensing, SaaS/PaaS/IaaS delivery models, software product development, regulatory compliance, new business formation, employment matters, and general corporate matters.
Lauren F.
Former partner in mid-size firms, now a solo practitioner, with over a decade of experience in commercial real estate, including leasing, acquisition and disposition, and real estate finance.
September 12, 2023
Sarah P.
Sarah graduated magna cum laude from the University of Illinois College of Law in 2013. Prior to opening her own practice, Sarah worked in a large law firm defending corporate clients. She then transitioned to a smaller firm where her longing to serve clients in the surrounding community became evident. With her prior experience, Sarah opened her own firm in 2016 and has since served Lemont and the surrounding areas.
September 19, 2023
Sahil M.
Drishti Law is devoted to assisting clients identify and protect their competitive advantage by establishing a capitalization strategy that adapts to their needs. Our expertise focuses on developing competent asset management strategies for innovators, creators, startups, and businesses. Additionally, navigating the current IP trends require a seamless experience that is personable and reflective of your goals. The principal attorney, Sahil Malhotra, founded Drishti Law because of his deep passion and ever-evolving interest in Intellectual property and Data Privacy. We take a holistic approach in balancing the risk and rewards as it relates to the development, management, and capitalization of your assets. Our ability to implement complex litigation and prosecution services permits effective execution of trademark, trade secret, copyright, and data privacy for individuals and businesses. It begins with creating a client-centric environment that develops trust through efficient decision making and instituting creative solutions.
November 1, 2023
Katherine V.
I am a skilled legal researcher and writer with a background in contract drafting and negotiation as well as litigation. I've served as an arbitrator for the past three years and have presided over nearly 400 binding arbitrations for an online dispute resolution platform. Additionally, I am a content writer and editor for the insurance division of LexisNexis. In my role as a contractor for LexisNexis, I research, draft, and edit high-quality legal reference tools on a variety of insurance topics for use by lawyers and insurance industry professionals.
April 21, 2024
Jocelyn W.
Jocelyn A. Walters-Hird focuses her practice on conservation law and other real estate matters. She has provided counsel on dozens of conservation easement transactions as well as fee sales and acquisitions, including the structuring, negotiating, and closing of such projects. Prior to joining the conservation community, Jocelyn worked as a litigator, which has informed her approach to drafting workable documents and resolving post-transaction issues. With both in-house counsel and private practice experience, Jocelyn has a unique skillset allowing her to problem solve and provide sound legal advice to land trusts, landowners, and other organizations. She is the former Sr. Staff Attorney at the Minnesota Land Trust, where she led the legal team of the state’s largest non-profit land trust. She also worked as Attorney for Conservation Partners, LLP, a nationally-recognized boutique law firm that has assisted land trusts and landowners in protecting hundreds of thousands of acres of land. Jocelyn now serves as Contracted Counsel for the firm.
Lisa C.
Lisa Copland Gordon is a seasoned litigator who has practiced law in Illinois for over 25 years. She is a graduate of Northwestern Pritzker School of Law, with a concentration in Civil Litigation and Dispute Resolution. Lisa earned her undergraduate degree from Princeton University. Lisa provides counsel to clients in real estate matters including purchasing, selling, HOA and lease issues. She also represents clients and small businesses in all Cook County courthouse locations.
May 23, 2024
Marcia P.
Marcia is an experienced business litigation and transactional attorney providing general counsel to individuals and small businesses owners in transactions and business disputes. Marcia's law practice focuses primarily on commercial litigation and transactional law. She represents and defends individuals, partnerships, limited liability companies, corporations, and not-for-profit corporations in a variety of commercial and employment disputes including partnership disputes, shareholder disputes, member disputes, and contract disputes. Additionally, she advises clients on transactional matters including contract creation, review, and negotiation, real estate transactions, mergers and acquisitions, donations, corporate governance, municipal governance, policy formation, and various compliance issues.
Jack D.
Attorney licensed in Texas & Illinois
July 25, 2024
Jolanta Z.
Licensed to practice Law in Illinois since 2009. Family Law and Real Estate Law Attorney.
November 13, 2024
Alyssa C.
Illinois-licensed attorney with 9 years of experience in public interest work utilizing advanced skills in contract & project management, compliance, investigation, risk management, & training. Proven record developing and managing partnerships to deliver exceptional results in government agencies, non-profits, law firms, and broad community networks leading to multi-million dollar recoveries, risk management, and execution of large-scale program initiatives. Skills include: 1. Project & Contract Management: 9 years in project & contract management tracking project and contract goals, stages, budgets, and deliverables to lead and support program and department initiatives. 2. Compliance, Investigation, & Risk Management: 9 years in law, policy, & programs conducting investigation, research, writing, analysis, and education in administrative agency and court matters relating to: compliance, financial regulation, contracts, employment, workforce development, healthcare, retirement assets, mental health, disability, taxes, immigration, civil rights, grants, benefits, social services, & criminal defense. 3. Training/Teaching: 4 years training co-workers & community partners; 3 years teaching in U.S. & Ecuador (7 total). 4. Technology: Microsoft Office (including Excel), Contract Express, DocuSign, SharePoint, Westlaw, Lexis Nexis, Concordance, GoldFynch, Clio, Smokeball, Qualtrics, Google Forms, Slack, Zoom, Teams, Webex, & Adobe. 5. Spanish: Advanced Spanish skills from 1 year of teaching, studying, & travel in Ecuador, Peru, & Mexico.
February 26, 2025
Carissa E.
As a resident of the Chicago Southside, Attorney Carissa Essex is a dedicated mother, wife, and attorney. Carissa graduated from the Illustrious Spelman College in Atlanta, Georgia in 2012 with a Bachelor of Arts Degree in Political Science. She then returned to Chicago to obtain her Juris Doctorate in 2016 from DePaul University College of Law. After working in Corporate America for several years as a full-time Legal Project Manager practicing law part-time, Carissa decided to devote all of her time to her legal practice and founded Essex Law in early 2024. Focusing on Family Law and Real Estate Law matters, Essex Law provides exceptional and affordable services to all throughout the Chicagoland Area.
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Browse Lawyers NowDissolution Legal Questions and Answers
Dissolution
C Corp
New York
Can a C-Corp be dissolved without distributing the remaining assets to the shareholders?
I am a shareholder in a C-Corp that has been struggling financially for several years, and it has become evident that the company is no longer viable. We have explored options for restructuring or selling the business, but it seems that dissolution may be the most appropriate course of action at this point. However, there is disagreement among the shareholders regarding the distribution of the remaining assets, and some are proposing that the assets should not be distributed at all. I am seeking legal advice to understand if it is possible to dissolve the C-Corp without distributing the remaining assets to the shareholders and what implications this may have for the shareholders and the company.
Danny J.
The dissolution of a C-Corp is a complex process governed by state laws and the company's bylaws. While it is generally expected that remaining assets would be distributed to shareholders after satisfying creditors, there are scenarios where this might not occur: 1. Asset distribution may be restricted if there are outstanding debts or legal obligations. 2. Some states allow for alternative distribution methods if specified in the articles of dissolution. 3. In certain cases, assets might be transferred to a trust or another entity for specific purposes. However, the implications of not distributing assets can be significant: - Potential breach of fiduciary duty claims - Tax consequences for the corporation and shareholders - Compliance issues with state corporate laws Given the complexity of your situation and the disagreement among shareholders, it would be prudent to have a thorough legal analysis of your specific circumstances. As an experienced corporate attorney, I could: 1. Review your company's bylaws and financial situation 2. Analyze applicable state laws regarding dissolution 3. Advise on potential legal risks and shareholder rights 4. Guide you through the dissolution process to ensure compliance Feel free to reach out to discuss your situation in more detail and explore the best course of action for your company's dissolution.
Dissolution
C Corp
Massachusetts
What are the legal steps and requirements for dissolving a C-Corp?
I am the CEO of a technology startup that has been operating as a C-Corporation for the past five years. Due to financial challenges and a significant decrease in revenue, our board of directors and shareholders have unanimously decided to dissolve the company. However, as a non-legal professional, I am not familiar with the legal process and requirements for dissolving a C-Corp, including notifying the IRS, settling outstanding debts and obligations, filing dissolution documents, and distributing assets to shareholders. I would greatly appreciate your guidance on the legal steps involved and any potential pitfalls or issues we should be aware of during the dissolution process.
Richard G.
Dissolving a corporation in Massachusetts involves a series of steps to ensure that the process is legally compliant and that the corporation’s affairs are properly settled. Here’s a general outline of some of the process, but you should consult with a corporate attorney/business attorney such as myself: 1. Board Approval - **Board of Directors’ Resolution:** The board of directors must approve a resolution to dissolve the corporation. This resolution should outline the reasons for dissolution and the plan for winding up the corporation's affairs. 2. Shareholder Approval - **Shareholder Meeting:** Hold a meeting of the shareholders to vote on the dissolution. In most cases, a majority of the shareholders must approve the dissolution, although the corporation’s bylaws or articles of incorporation might require a higher percentage. 3. File Articles of Dissolution - **Prepare and File:** File the Articles of Dissolution (Form DSF 28) with the Massachusetts Secretary of the Commonwealth’s office. You can download the form from the Secretary of State's website or file it online. - **Fee:** There is a filing fee associated with this form. 4. Settle Debts and Obligations - **Pay Debts:** Ensure that all the corporation’s debts and obligations are paid. This includes taxes, loans, and other liabilities. - **Distribute Assets:** After settling debts, distribute any remaining assets to shareholders according to their ownership interests. 5. File Final Tax Returns - **Federal and State Tax Returns:** File final federal and state tax returns for the corporation. Indicate that these are the final returns and that the corporation is dissolving. - **Clearances:** Obtain any necessary clearances from state tax authorities, if applicable. 6. Cancel Permits and Licenses - **Cancel Business Licenses:** Cancel any business licenses, permits, or registrations that the corporation holds. ### - **Notice to Creditors:** Notify creditors of the dissolution. This can help to ensure that all claims are resolved before finalizing the dissolution. 8. **Close Bank Accounts** - **Close Accounts:** Close the corporation’s bank accounts and settle any remaining transactions. 9. **Document Retention** - **Keep Records:** Retain the corporation’s records for a period of time as required by law, typically several years. Additional Notes: Legal and Financial Advice: It’s often advisable to consult with a legal or financial advisor to ensure that all aspects of the dissolution are handled properly. Publication: Massachusetts doesn’t generally require publication of dissolution, but local regulations or specific business needs might necessitate it. Completing these steps ensures that the dissolution process is handled smoothly and in compliance with Massachusetts law. Contact me if you have further questions specific to your company as this article is not a complete article.
Dissolution
Dissolution Agreement
New York
Can you explain the process of Dissolution of Corporation and any potential liabilities that may arise from it?
I am a business owner and I am considering dissolving my corporation due to financial difficulties and a lack of profitability. I have already consulted with an accountant who advised me on the tax implications, but I am seeking legal advice to understand the specific steps involved in the Dissolution of Corporation process. Additionally, I would like to know if there are any potential liabilities that I need to be aware of, such as unpaid debts or legal claims, and how to properly address them to minimize any personal liability.
Danny J.
The process of dissolving a corporation involves several critical steps and potential liabilities that require careful consideration: 1. Approval Process: - Board of directors must adopt a resolution to dissolve - Shareholders typically need to vote on and approve the dissolution - Your corporation's bylaws may specify required approval percentages 2. Filing Requirements: - File dissolution documents with state agencies (e.g., Secretary of State) - Cancel licenses, permits, and registrations at local, state, and federal levels 3. Notifying Creditors: - Provide notice to known and unknown creditors - Follow state-specific requirements for notice content and deadlines 4. Settling Debts and Distributing Assets: - Pay off all corporate debts and taxes - Distribute remaining assets to shareholders 5. Tax Obligations: - File final tax returns at federal, state, and local levels - Obtain tax clearance if required by your state Potential liabilities to be aware of include: 1. Personal Liability for Corporate Debts: - Directors may be held personally liable if corporate assets are distributed without adequately providing for liabilities 2. Ongoing Liability for Claims: - The corporation may remain liable for claims arising before or after dissolution - Shareholders might face limited liability for such claims, typically up to the amount of assets distributed to them 3. Tax Liabilities: - Ensure all tax obligations are met to avoid personal liability for unpaid taxes 4. Contractual Obligations: - Review and address any ongoing contractual commitments Given the complexity of the dissolution process and the potential for personal liability, it's crucial to approach this matter with great care. Each state has specific requirements, and your corporation's governing documents may add additional complexities. To protect yourself and ensure a proper dissolution, I strongly recommend working with an experienced business attorney who can: 1. Review your specific situation and corporate documents 2. Guide you through the dissolution process step-by-step 3. Help you navigate potential liabilities and minimize personal risk 4. Ensure compliance with all legal and regulatory requirements Would you like to discuss your specific circumstances in more detail? I can provide tailored guidance on how to proceed with the dissolution process while protecting your interests.
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