My name is Greg Bouhl, and I have am a serial entrepreneur, educator, business advisor, and investor. Hi Nadeem, youre very welcome :) If your LLC will operate under a name that is different than its true and legal name, it must register that DBA (called an Assumed Name in Illinois) with the Illinois Secretary of State. How to Change an LLC Name in Illinois (Step by Step Guide), How to Change a Registered Agent in Illinois (3 Easy Ways), How Long Does It Take To Form an LLC in Illinois (Guide), Form my LLC (+ Free Registered Agent) for $39, The date of formation and admission to Illinois, Main place of business address (P.O. Some states may revoke a business entitys authorization to do business if it remains out of compliance for too long. : Confirm that the LLC Entity number is for your LLC and then continue to the next step. Due Date: Illinois LLC annual reports are due before the first day of your LLC's anniversary month (i.e., the month when you initially formed your LLC with the state). You can file your LLCs Annual Report by mail or online. How do I find money to start my business? The application for reinstatement, all annual reports (maximum of 6 years) and all fees due must be submitted. The objective of the annual report is three-fold. The report contains mainly some of the same information as the articles of organization. The annual report is an excellent means to keep you on your toes in case of your dues payment. The state will process your Annual Report within 10-15 business days. Also, what happens if I do nothing? Domestic and foreign corporations and LLCs are required to file an annual report each year after the year the company was formed. Once youve reviewed this lesson or filed your LLC Illinois Annual Report, you can then proceed to the next lesson: Illinois Business Licenses & Permits. Tip: Most LLCs are Member-Managed. To update the Registered Agents information for an LLC, fill out Form LLC-1.36/1.37 Statement of Change of Registered Agent and/or Registered Office. This document can be submitted by mail or online. In some states, the information on this website may be considered a lawyer referral service. I believe that is just a typo, since the Annual Report is filed with the Illinois Secretary of State, not the IRS. : Choose the member or manager that is submitting the LLC annual report, enter the name and title of the person that is submitting on behalf of the LLC, and then continue to the next step of making payment. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Rules and regulations for starting a business change frequently. Fortunately, filing your companys LLC annual Report is now easier. When you open the Illinois Secretary of State website, you will need to enter your LLC's file number. After you form an LLC in Illinois, you must file an Annual Report and pay a $75 fee every year. Personal checks are accepted. I attempted to file the annual report on the IRS website, but was not able to because The LLCs current year annual report is not yet due. It also identifies the individuals or businesses that are responsible for managing the business. Name Your LLC. Member-Managed LLC vs. Manager-Managed LLC, Look for the date on your approved Articles of Organization. Some states require the filing of the report only once in ten years.
How Do I File an Illinois Annual Report? Form LLC-50.1 specifically asks for the following: Rather than filing annual reports yourself, you may use a compliance service. To create a Series LLC in Illinois, you must submit Articles of Organization (Form LLC-5.5 (S)) to the Illinois Secretary of State. Northwest, our favorite company, is forming LLCs for $39 (60% off!) It would help if you also considered using your phone, calendar, or planner to set up your own reminders. These taxes are handled through the Illinois Department of Employment Security (IDES). the LLC has more than eight members or managers; one or more managers are not qualified to do business in Illinois; you must use layered signatures or a power of attorney to sign the report; the state has administratively dissolved or revoked the LLC; or, To file by mail, you can send an original signed, Date the LLC was organized or registered in Illinois, Principal business address not a P.O. The consequences can be serious if you don't file an annual report, such as fines or LLC dissolution. 6. Review the names and addresses of the LLCs Members or Managers. However, if you send them the two copies of the report and your address, the state will send you an approved copy of the Annual Report. Note that you can submit your LLC annual report 45 days before the due date. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. The corporation may choose expedited service or routine service. For example, if your LLC was formed on June 15th 2023, June is your anniversary month. The annual report is used to update information about your company to stay current with what's happening at all times. Not filing your companys LLC annual Report in Illinois will result in the administrative dissolution of your company by the State of Illinois. Filing an annual report might seem complicated. There is a $300 penalty if the LLC files the report 60 days late. Then sign your name above Signature and enter your name and title above Name and Title (Ex: John Doe, Member or John Doe, Manager). You will need the following information in order to prepare an annual report for your LLC: The due dates and filing requirements for your LLCs annual reports are very important. Venture Smarter shares business tactics that help entrepreneurs stay ahead of the competition, maximize their capital and avoid common traps and downfalls. All statements, opinions, recommendations, and conclusions are solely the expression of the author and provided on an as-is basis. Hope that helps. Scroll down & choose Domestic or Foreign LLC in the type of corporations tabs. LLCs have the option of filing their Annual Report online or by mail. I sent in the form with the fee to dissolve my business and they returned it all along with the request for the annual report. Our mission is to serve you valuable insights you cant get elsewhere. A commission could be earned on purchases made after clicking links. If you file your Annual Report by mail, it takes the Illinois Secretary of State 10-15 business days to process your filing. There is a filing fee of $25 to make the change. We hope that this article will help you comply with the law and keep your business running smoothly! It authenticates that the information provided to the Secretary Of the State is accurate & updated. The filing fee is $75, payable by credit card (Visa, MasterCard, Discover, or American Express). Filing the annual report for your Illinois LLC by mail or online may take up to 10 business days. You do not need to file an initial report for establishing LLC in Illinois. One of these officers must file the Annual Report. Check them out below. Every Illinois LLC must file an annual report and pay a filing fee. Aside from filing your companys LLC annual Report, here are the other business documents that can be generated through the annual Reports and Change Services: There are two possible reasons you might want to change your LLCs assigned registered agent. By filing the report on time, the LLC can manage the exemptions & can avoid penalties imposed by the Government. State fee for standard turn-around. In this case, filing an LLC annual report is essential for compliance and maintaining a good record with the Secretary of the State of Illinois. The canceled check serves as the receipt for the LLC. Where can I find my Illinois LLCs anniversary date? , complete it, and then mail it along with the check for payment to the address: : Follow the instructions on the screen to find your LLC by inputting your LLC Entity number. ZenBusiness Review 2023 | LLC Formation is Now Free??? If the person filing this Annual Report is an individual person, select No at the bottom. By not being in good standing, the members may be held personally liable should the LLC or corporation be sued. You can search for your LLC Entity number through the link and look at the file number at the top. In fact, its recommended to set a reminder two months before your date of filing. 1)$99- record book keeping,Ownership Certificates and Seal. While the Illinois Annual Report form asks for the name and address of the Registered Agent, the Registered Agent cant be updated on this form. In Illinois, the annual report is filed with the office of the Secretary of State. Hope that helps! Your Illinois LLCs first Annual Report isnt due until September 1st, 2020, so if you dissolve your LLC before then, your LLC doesnt need to file an Annual Report. Please refresh the page and try again, By clicking "Find a Lawyer", you agree to the Martindale-Nolo, LLC Tax and Filing Requirements: 50 State Guide, Do Not Sell or Share My Personal Information. The Land of Lincoln, Illinois, is a thriving hub for business opportunities, with its diverse economy, central location, and abundant resources. However, their services aren't limited to founding a limited liability company or managing annual reports. Our pricing clearly shows the state fee to form an LLC in Illinois with standard turn-around. The state will mail you back an approved copy of Annual Report.
Illinois Annual Report Filing | File Online Today - ZenBusiness CEO address and contact information: A person with authority to act on behalf of the LLC, such as a CEO, must sign the annual report. A P.O.
How to Start an LLC in Illinois - Northwest Registered Agent If you want to double-check the date when the state approved your LLC, its best to check your LLCs Certificate of Formation. For example, operating through an LLC protects you, as a business owner, from personal liability for business debts. There is a filing fee of $25 to make the change. Submit your report and fees to the Illinois Secretary of State. This includes all the legal entities such as C Corporations, Limited Partnerships, Limited Liability Companies, bound to file the Annual Report. In this blog post, we will explain what is an LLC annual report and provide information about filing it. Filing Fee: $75 Series Fee, if required: Penalty: Total: Approved: Secretary of State Department of Business Services Limited Liability Division 501 S. Second St . 351. To file an Annual Report in the state of Illinois, LLCs have two options, online and by mail. The Annual Report is used to confirm and update the companys information with the Illinois Secretary of State, such as the registered agent, address, and information of the officers, directors, members, or managers. The Illinois Government charges a $100 late fee for the late filing of an annual report. This yearly report is a record of all the companys activities in an entire year. File the annual report online: Filing online is the simplest way. 351, Springfield, IL 62756. Do you need legal help with filing an Illinois annual report? Hope that helps. You'll also need to periodically file Form IL-941. The penalty for filing late is $100, while the penalty for failing to register a report altogether is the dissolution of the LLC. Guidelines Domestic and Foreign Limited Liability companies may file a standard Annual Report electronically. You can file your LLC annual report online. For example, if the LLC was formed on September 16, the LLC has to file before September 1 of every year. This doesnt apply to most filers.
Limited Liability Company Publications/Forms - Illinois Secretary of State Missing a deadline could have serious consequences. Learn more about how much an LLC costs in Illinois. You need to file your Annual Report in order to keep your Illinois LLC in compliance and in good standing with the Illinois Secretary of State. Make sure to provide correct information. Who Needs to File an Annual Report? This is paid once per year for the life of your LLC. Check out the best LLC service that offers all the services at an affordable price. Then enter your credit card information and your phone number. Filing an annual report is a requirement for LLCs in Illinois, so its crucial that you take the time to accurately fill out the form and file with your state in a timely manner. If your LLC was formed and approved on September 9, 2020, your LLC annual report deadline is due on the 1st of September, 2021, and also every year. The report contains mainly some of the same information as the articles of organization. In the event the LLC is filing the Annual Report long before the due date, it's recommended to file by mail to save the $50 expediting fee. In Illinois, the corporation income tax rate is a flat 5.25% of federal taxable income with adjustments. In Illinois, the annual report is filed with the Secretary of State. Failure to file a report by the deadline every year can result in significant penalties for your business. The mailing address for the Illinois Annual Report is: Illinois Secretary of StateDepartment of Business Services501 S 2nd StreetSpringfield, IL 62756.
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