![]() This document provides the government with important information about your company, including its current address and officer names. Illinois requires all business entities to file an annual report each year. We hope that this article will help you comply with the law and keep your business running smoothly! Why is Ilinois Annual Report Critical? In this blog post, we will explain what is an LLC annual report and provide information about filing it. The consequences can be serious if you don't file an annual report, such as fines or LLC dissolution. This document is vital, as it provides information about your company to the government. How to Change Registered Agent for an LLCĭo you own a business in Illinois? If so, you are required to file an Illinois annual report with the state.Best Registered Agent Services Expand / Collapse.Or if you’d rather not worry about your filings at all, you can hire us for filing services, including annual report filing, which we offer for $100 plus the state fees. Failure to file your Annual Report is a serious offense which can lead to your company being administratively dissolved by the Illinois Department of Business Services. This is the recommended method, as the filing is processed immediately. You can file Annual Reports online through CyberDrive. (For example, if you formed your LLC in November, you’d have until October 31st to file your annual report.) Your Illinois Annual Report is due by the end of the month prior to your anniversary date. Illinois Corporation: $75 plus Franchise Tax.If you formed you company in November, then your Annual Report would be due by October 31 each year. Annual Reports are due the day before the month in which you incorporated your business. Ongoing Business Maintenanceīoth LLCs and corporations are required to file an Annual Report every year with the Illinois Secretary of State. ![]() If your shareholders have contributed assets, such as property, then this includes the value of those assets. If your shareholders have paid cash, then this is amount of cash exchanged. Paid-in capital is the amount of capital your shareholders have contributed in exchange for their stock (this includes yourself). The tax is assessed at $1.50 per $1,000 on the paid-in capital represented within the state. If you are forming an Illinois corporation, you will be required to pay the Illinois Franchise Tax. Calculating the Corporation Franchise Tax This means the minimum corporation formation fee online is $107. You cannot issue any Preferred Stock through an online filing.Ĭorporations are charged the $100 expedite fee for online formation, as well as a $7 processing fee. The only restriction for corporations is that you are allowed to issue only Common Stock. You can file online, pay the total $250 fee (with expedite) and your LLC will be processed in 24 hours.Ĭorporations can be formed online through CyberDrive. If your LLC meets ALL of these requirements, then you’re in the clear. You can only include the name of one organizer when forming your LLC, and your organizer cannot be someone executing the document on behalf of someone else through power of attorney. Your company must exist perpetually without a planned date of dissolution. ![]() Your articles cannot contain any optional provisions, which means you cannot add any additional provisions not already covered by the Illinois Limited Liability Company Act. ![]() Your business must be organized for a general purpose, as opposed to providing a professional service for which you’d need a license (like medicine). Your company must come into existence at the time of the electronic filing, not a later date.Ī purpose clause is the section of your Articles of Organization that refers to the character of your business. In order to process your LLC, your company must meet ALL of the requirements: You can form an LLC online through CyberDriveIllinois, but there are certain restrictions. Corporation: Articles of Incorporation ($150)įor expedited processing, add an additional $100. ![]()
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