You must file an Illinois annual report filing when you operate certain types of businesses in the state. Another common term for this annual report is a Certificate of Good Standing.
Who Needs to File an Annual Report Filing in Illinois?
The Illinois Department of Business Services requires all corporations, limited liability companies (LLCs), nonprofit organizations, and limited partnerships (LPs) to file annual reports.
What Is an Illinois Annual Report Filing?
The annual report filing is a special form that provides specific information about your company. The state requires it to ensure you are remaining compliant with specific information you need to include in your annual filing, including:
- The name of your company
- The main address for your business
- The contact information for the business
- The name and address of directors, members, officers, or managers
- Any changes to the company, such as new directors, name change, address change, etc.
- Any changes to the shares issued by the company or paid-in capital
Types of Illinois Annual Report Filings
Depending on the structure of your company, there are different types of annual reports. For example, the Illinois corporation annual report form will be slightly different from the form used by LLCs and LPs.
Regardless of the form used, you must complete it accurately and correctly. Otherwise, it could be rejected, and you must correct it and resubmit your report.
Illinois Annual Report FAQs
How Do I File My Annual Report?
You will need to locate your company’s correct annual report filing form through the Illinois Department of Business Services. Next, you must follow the instructions to complete the form correctly.
How Much Does It Cost?
The current cost for LLCs and corporations is $75 annually and $100 for LPs. Nonprofit organizations and other such entities are only required to pay $10 annually.
Are There Any Fees?
Presently, corporations are the only business entities that have to pay a franchise fee on top of their annual report costs. The Illinois Department of Business Services provides corporations with two options for calculating their franchise fees. They recommend using the one that results in the smallest amount of fees.
However, the state did decide to do away with the franchise fees by 2024. Until then, you are still required to pay them if you operate a corporation.
Are There Any Late Filing Penalties?
Late fees are assessed when the annual report is not paid on time. If the report is not filed by then, the Illinois late filing penalty is $100 for LLCs and $3 for nonprofit organizations. Corporations currently have to pay 10 percent of the franchise fee as their penalty. There are no late fees for LPs.
When Are Illinois Annual Reports Due?
The due date to submit your annual report is before the first day of your anniversary month. For example, you opened your LLC on August 15th. In this case, your annual report would be due before August 1st and must be filed and received by July 31st.
What Happens if I Don’t File?
You will face additional penalties if you choose not to file your annual report with the Illinois Department of Business Services.
- Corporations: The state will dissolve the corporation if its annual report is 120 days or more late.
- LLCs: LLCs will be dissolved by the state when they are 180 days or more late.
- LPs: Since LPs are not charged late fees, they are dissolved when their annual reports are 60 days or more late.
If the state dissolves your company, you will no longer be in good standing and allowed to conduct business in the state. In order to restore your good standing, you must file the annual report, pay the fees and penalties, and pay a reinstatement fee.
How Much Information Is Needed?
Corporations have to complete a two-page report, while other business entities only have a one-page report to fill out. The state only requests general information about the business and never asks for any financial information, except for corporations providing basic details on shares.
FastFilings Annual Report Filing Service Benefits
When you rely on FastFilings and our annual report filing services, your Illinois company gains several benefits:
- We remind you when your annual report is due.
- We file your annual report on your behalf with the state using the correct form.
- All you do is provide us with the information we need to complete your annual report.
- We file the annual report electronically with the state.
- We calculate your annual Illinois franchise fee to find the smallest amount between the two different calculation methods.
- Using our streamlined process, you can file your annual report through us in under five minutes.