How to File an LLC Annual Report in Illinois? (Simple Guide)
If you already own a business in Illinois, you know that you are required to file an Illinois annual report with the state.
This is something that everyone has to go through, including me when I first opened an Illinois-based LLC.
To keep up with the legal requirements, we have decided to team up with legal experts and attorneys to collect everything that you need to file the report on time.
- It is mandatory to file an Illinois LLC annual report.
- The deadline for filing the annual report is the end of the LLC's anniversary month and it costs $75.
- If you miss filing an annual report for an LLC in Illinois you will face penalties and it may eventually lead to involuntary dissolution.
- You can file the annual report 60 days before the first day of the incorporation date.
What Is an Illinois LLC Annual Report?
An Illinois LLC Annual Report is a mandatory document that LLCs and LLPs registered in the state of Illinois must file every year with the Illinois Secretary of State .
This report is essential for maintaining the active status of the LLC and ensuring that the state has up-to-date information about the company. Here are key aspects of the Illinois LLC Annual Report:
The primary purpose of the annual report is to keep the state informed about the LLC's current contact information and other pertinent details.
In our case, this included changes in ownership and management personnel and any new products offered by our company since last year's filing deadline.
How To File An Annual Report In Illinois?
There are two ways to file the annual report: online and by mail.
From our experience, filing online is the simplest way. Follow these steps:
- Navigate to the Business Services section on the website of the Illinois Secretary of State.
- Choose the link corresponding to your type of business.
- Find and click on the “Annual Report” link.
- At the bottom of the page, click on the “File” button to proceed.
- Once you fill out the Illinois LLC annual report online, you will be guided through the following steps. Fill in the contact and payment information, and you are done.
During our file, after the payment was made, we received an email to confirm that our Illinois annual report had been filed.
2. By mail
When filing by mail, you should download, print, and fill out the paper annual report form from the Illinois Secretary Of State website.
Filing a paper annual report:
- Visit the Illinois Secretary of State website and navigate to the Publications/Forms section.
- Choose the link that corresponds to your type of business.
- Click on the “Annual Report” link.
- The form will be downloaded to your computer automatically.
Together with a $75 check, send the completed annual report to this address:
Secretary of State Department of Business Services
Limited Liability Division
501 S. Second St., Rm. 351
Springfield, IL 62756
By filling this way, the only receipt you have is your mailed check. It takes 10 to 15 days for the report to be processed.
However, if you send them the two copies of the report and your business address, the state will send you an approved copy of the Annual Report.
What to Include in the Annual Report?
The following information should be included in an Illinois annual report:
- Business file number. You can find it by searching the Illinois Business Database.
- Company name.
- Registered agent name and address.
- Company address.
- State of formation.
- Formation date of formation.
- Officer/director or member/manager names and addresses.
- Corporation stock information
- Franchise tax calculation – corporations only.
- Signature, title, and name of the filer
How early can I file my Annual Report?
In Illinois, you can file your annual report as early as 60 days before the start of your LLC anniversary month.
What is the filing fee for the report?
It can cost around $75 to file an Illinois annual report.
Please include a check or money order payable to the Illinois Secretary of State (no cash) if you mail your annual report. If you file online, payment can be made by credit card.
The filing fee is the same as for domestic and foreign corporations. Aside from the annual report fee and state taxes, corporations also need to pay an annual franchise tax. The minimum franchise tax corporations need to pay is $25.
This is a yearly expense, so make sure you include it in your budget. Learn more about how much an LLC costs in Illinois.
What is the due date for submitting the report?
You need to file an Illinois LLC annual report on the last day of the month before the anniversary of your LLC's formation or admission to Illinois.
You can find this date in your Articles of Organization, and if you have an operating agreement, it will also list the anniversary date.
For example, if you formed your LLC on February 9th, the due date is January 31st.
You can file the annual report early. It is possible to file it 45 days before the deadline.
What are the penalties for not filling out the LLC Annual Report?
If you forget to file the annual report on time, there will be consequences. If you do not pay your fees by the due date, your business can be fined or dissolved by the Illinois Secretary of State.
There is no penalty for missing your annual report deadline right away. If you don't file within two months, the state will charge you a $100 penalty each year in addition to your $75 Annual Report filing fee.
If you don't file within six months of the due date, the state will dissolve your Illinois LLC administratively.
Will You Receive a Reminder to File the Illinois Annual Report?
Yes, you will receive a reminder to file the Illinois annual report. The state will send you a reminder on the Illinois annual report through your registered agent 45 days before it is due.
Can I Get an Extension For Filing My LLC Annual Report in Illinois?
No, you cannot get an extension for filing your LLC annual report in Illinois. However, there is a provision that allows you an additional 60 days beyond the regular deadline before incurring a late fee penalty.
Who Is Authorized to File the LLC Annual Report in Illinois?
Anyone authorized to act on behalf of the company can file an Illinois Annual Report. This could be an officer/director, a member/manager, or a person hired by your company (a registered agent) to file the annual report on your behalf.
File an LLC Annual Report in Illinois On Time
Filing an annual report might seem complicated. However, this is a crucial document that every Illinois LLC owner should be able to file alone if they so choose.
If you are still not sure how to do it, we recommend hiring Bizee (formerly Incfile) to help you with the process of filing your documents each year and give you any other legal or tax advice.
This way, all of your paperwork will be done in advance for the next time around!