Illinois LLC Annual Report

Last updated on: June 16, 2021

Once you officially incorporate an Illinois limited liability company (LLC), business operations and maintenance can take most of your time. However, you should not forget that every LLC or corporation in Illinois is required to comply with current state requirements. Therefore, after starting your LLC in Illinois, you should submit Annual Reports to the Secretary of State’s office on a regular basis. 

If you’ve never heard about an LLC’s Annual Report, that’s not a problem. This document usually consists of a Franchise Tax and a Public Information Report, usually known as an Annual Report. It serves to keep your Illinois LLC information up-to-date with the government. It is more than just a formality because it allows the state to provide tax or legal communications with your businesses.

In this article, we’ll take a look at the basic nuances of the process of filing an Annual Report with the Illinois Comptroller, as well as the consequences of not submitting it on time.

What is an Illinois Annual Report? Why is it Important?

The state legislation governing Illinois business requires all domestic and foreign LLCs to submit Annual Reports to the Illinois Secretary of State on time. These annual reporting requirements are due to the need to update the LLC’s record regularly to keep the business status relevant. 

The contents of an LLC Annual Report usually include the following basic information:

  • LLC name;
  • Principal office address;
  • Registered agent information;
  • Member/manager names and addresses.

Therefore, if your current agent resigns or you change your registered agent, you should notify the Secretary of State to avoid any negative consequences. This will ensure reliable communication with the state and allow you to receive information about the LLC’s state taxes and other compliance requirements in a timely manner.

Additionally, if the state has up-to-date information about your LLC in Illinois, this helps potential customers or partners learn more about your company.

How Much Does the Illinois LLC Annual Report Fee Cost?

When planning an LLC’s costs, you should consider not only initial operating expenses or possible name reservation fees but also an Annual Report. 

The Illinois Annual Report consists of a public information report and additional franchise tax (a minimum of $25), which must be filed annually. There is a $75 Illinois LLC fee for processing the Illinois LLC Annual Report, that can be paid by a credit card or check. 

Due Date and Frequency for an Annual Report in Illinois

The last day of the month before the LLC’s anniversary month is the deadline for filing an Annual Report. 

In case you don’t remember when your LLC was formed, there are 2 ways to find this information:

  • Find in the Articles of Organization;
  • Perform a name search to get access to the company page.

You can also file your report 45 days before your LLC anniversary.

Let’s look at an example. If your business was incorporated on June 10, the Annual Report due date would be May 31.

What Happens if You Don’t File?

After the reporting deadline, you have two grace months to file your Annual Report without facing any penalties.

Then, if you fail to file an Annual Report within 60 days, in addition to the $75 Annual Report fee, you will be required to pay a $100 penalty to the state. Furthermore, the state has the right to administratively dissolve your LLC if the violation is not corrected within 180 days.

Required Information

It is important not only to file your Annual Report on time but also to fill it out correctly. To do this, you will need to enter information that can be found in business documents such as the Articles of Organization or online record.

Usually, to file an Illinois Annual Report, you need to enter the following information:

  • LLC name;
  • Registered agent name and registered office address;
  • State and county where the LLC was formed;
  • The date the LLC was formed;
  • Principal place of business address (P.O. boxes are not allowed);
  • Names and addresses for each member and/or manager.

Filing Options

Depending on your preference, there are two ways to file the Illinois Annual Report:

Online

This is the easiest and most affordable way to update your LLC’s information, which takes only a few minutes.

  1. Visit the Secretary of State’s entity search page;
  2. Enter your LLC’s file number here and click “Continue”. If you don’t know your LLC’s file number, you can get it by doing a name search on the Secretary of State’s website;
  3. Follow the on-screen instructions to confirm that the chosen company is correct;
  4. Check the registered agent information;
  5. Confirm the principal place of business address;
  6. Make sure the names and addresses for members and/or managers are correct;
  7. Enter the applicant’s data;
  8. Provide payment information: name, phone number, email;
  9. Submit an Annual Report.

Using this option, your Annual Report will be processed immediately. In just a few minutes, you will receive an email with a receipt and a copy of your submission.

By Mail

If you prefer a paper Annual Report form, you have the option of filing it by mail. Download the form to your computer, fill out, and print it out. Be sure to include a check for the $75 payment, then mail all documents to one of the following addresses:

Secretary of State Department of Business Services
Limited Liability Division 
501 S. Second St., Rm. 351 
Springfield, IL 62756

Illinois Secretary of State
Division of Business Services
69 W. Washington St., Suite 1240
Chicago, IL 60602

Depending on the workload of the Secretary of State’s office, paperwork submitted by mail will be processed in 10-15 business days.

Does the State Send Reminders?

The Illinois Secretary of State will notify your registered agent 45 days before the Annual Report deadline to let you know about a reporting deadline. You can ignore this paper copy of the Annual Report if you plan to file online.

Although the state mails a reminder, you can mark the date when to file the LLC Illinois Annual Report on your calendar or use your phone to set a reminder. 

Can I Hire a Service to Handle it?

Do you want to save your time, get rid of paperwork, and forget about penalties and fines for missing the next Annual Report forever? Just entrust all report duties of handling your Annual Report to one of the LLC services that provide comprehensive business support services.

Most modern online companies, such as ZenBusiness, can not only register an LLC in Illinois but also simplify its operation. Besides annual preparation and filing the Annual Report, they are ready to draft an Operating Agreement, handle registered agent responsibilities, help with obtaining an EIN, etc. Of course, professional services require some expenses, but it can be a good investment in your LLC company and its future.

Conclusion

There is nothing difficult about complying with Illinois’ reporting requirements, as long as you are aware of the deadlines and know where to find the right form.

Although the Annual Report is mostly informational in nature, its role in keeping the company running properly is valuable. Filing this document in a timely fashion allows the LLC to avoid fines, operate smoothly, and be in good standing with the government.

If you’re too busy to keep up with Annual Report deadlines or just don’t want to do it, consider hiring an online company, for example, ZenBusiness. 

ZenBusiness is a good LLC service that has years of experience and a wide range of features. It can professionally form an Illinois LLC, taking care of meeting all state requirements, as well as submitting your Annual Report. Moreover, all these services are affordable, even for small businesses. If you hire it, you can focus on growing your business without worrying about missing deadlines.

Senior Business Tax Writer, etc
Jean Wilson Murray
https://bestllcservices.co/
(323) 789-5289
Senior Business Tax Writer, etc
Jean Wilson Murray

In this IncFile vs ZenBusiness review, we're going to compare two of the most popular LLC formation services based on pricing, features, and drawing out differences and similarities to let you see which is most suitable for you and your business.

You can learn more about @Mike here.

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