Illinois Annual Report: Everything You Need to Know
An Illinois Annual Report must be filed every year in order to keep the LLC in good standing and compliance if you own an LLC in the state of Illinois. 3 min read
What Is an Illinois Annual Report?
An Illinois Annual Report must be filed every year in order to keep the LLC in good standing and compliance if you own an LLC in the state of Illinois. LLCs have the option of filing their Annual Report online or by mail. Filing online is more expensive, but it only takes one to two business days for the report to get processed. It is less expensive to file by mail, but the processing time can take from 10 to 20 business days.
Illinois LLC Annual Report Filing Fee
In the event the LLC is filing the Annual Report long before the due date, it's recommended to file by mail in order to save the $50 expediting fee. If the LLC is waiting until the last minute to file, it's highly recommended to file the report online for rapid processing. The fee for filing by mail is $250 and $300 for filing online. The extra $50 is added on automatically and considered a fee for expedited filing.
The filing fees for different corporation structures are as follows:
- Domestic and foreign Illinois corporations and PCs: $25 along with a minimum franchise tax of $25
- Illinois LLCs: $250
- Non-profits based in Illinois: $10
- Domestic and foreign LPs: $100
- Illinois charities: $15
There is no filing fee for Illinois LLPs.
Illinois LLC Annual Report Filing and Due Date
The Illinois Annual Report is due before the first day of the anniversary month of the LLC's inception. For example, if the LLC was formed on September 16, the LLC has to file before September 1 of every year. An LLC can file up to 45 days before the date its Annual Report is due.
Filing and Payment of Illinois Annual Report by Mail
In order to file your Annual Report, download this form from the Illinois Secretary of State's website. Fill out all relevant fields on the form including the name of the LLC along with the name and address of the Illinois Registered Agent for the LLC. Then enter the date the LLC was formed and fill in the principal office address for the LLC (PO boxes are disallowed). Enter the names and addresses of all members and managers of the LLC and mark them MGR for manager or MBR for member.
Write out a check or money order for $250. Personal checks are accepted. Make all forms of payment payable to "Secretary of State." Mail the fee and completed Annual Report to:
- Secretary of State Department of Business Services Limited Liability Division, 501 S. 2nd Street, Room 351, Springfield, IL 62756.
In the event the payment is denied, the Annual Report is void and the company's status is marked as "delinquent."
Processing Time and Verification for Annual Report Filed by Mail
The state will process the Annual Report within 10 to 20 business days of the day it is received. The canceled check serves as the receipt for the LLC. If you need an official receipt, you must also send two copies of the Annual Report and a self-addressed stamped envelope. The state will then mail an approved copy of the report to the LLC.
Illinois Corporation Annual Report Guidelines
Up to six officers and six directors can be entered on the officer's list through the web form. One of these officers must file the Annual Report. The registered agent and/or registered office cannot be changed through a report filed online. If a corporation needs to change their registered agent or office, an officer must file a Statement of Change of Registered Agent or Registered Office on form BCA 5.10/5.20. Only corporations listed in good standing can make these changes.
Penalty for Late Submission of Illinois Annual Report
There is a $300 penalty if the LLC files the report 60 days late. This is on top of the base fee for filing. In the event the LLC is 180 days late, the state will dissolve the LLC at the administrative level. Illinois corporations pay a late fee based on the annual franchise tax. The form shows how to calculate the amount of the penalty.
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