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.
Quick Summary
- 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.
- The state imposes a late fee if the annual report is not filed by its due date. The late fee for filing an LLC annual report after the due date in Illinois is \$100.
- According to small business profiles, Illinois, with its diverse economy, has 99.6% of its firms as small businesses, significantly impacting the \$857 billion GDP, emphasizing the need for precise and timely filings.
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 [1].
According to the small business profile, this report is essential for maintaining an LLC's active status and providing the state with current company details.
This need reflects Illinois' diverse economy, where 99.6% of firms are small businesses, contributing significantly to the state's \$857 billion GDP, thus underscoring the importance of accurate and timely filing.
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.
Free Download Illinois LLC Annual Report
“The best investment is in the tools of one’s own trade.”
- Benjamin Franklin, Investor & Businessman
How To File An Annual Report In Illinois?
There are two ways to file the annual report: online and by mail.
1. Online
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
If you're considering forming an LLC in Illinois, it's worth noting that the state has a relatively straightforward approval process.
Typically, the LLC approval process in Illinois takes 3-4 weeks for mail-in filings and 7-10 days for online filings. This timeline can be essential for planning your business start-up phase effectively
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.
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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.
FAQs
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.
References:
- https://data.templateroller.com/pdf_docs/117/1170/117010/main_form-lp-210-annual-report-illinois.pdf?3b9785d762d1dc005fdd9d2531bfdaa9
