Filing an annual Annual Report is one requirement of maintaining an LLC or corporation in Illinois. The Report confirms and updates the company’s information with the Illinois Secretary of State, such as the registered agent, address, and information of the officers, directors, members, or managers.
Who Needs to File an Annual Report?
Domestic and foreign corporations and LLCs are required to file an annual report each year after the year the company was formed.
What is Needed to File an Illinois Annual Report?
Approximately 6 weeks before the due date, the Illinois Secretary of State will send a notice and an Annual Report form to the address of the Illinois Registered Agent.
You can file your Corporation and LLC Annual Report online or by mail. To file online, visit the Illinois Secretary of State’s website. Otherwise, you can fill out the Annual Report form sent by mail or by downloading and filling out Form 50.1 for LLCs and Form BCA 14.05 for Corporations. Processing is immediate when filing online or 10-15 business days by mail.
Information that will be needed on the report includes:
- Name of the entity
- Address of the principal office
- Contact information of the Registered Agent
- Name and address of the members, managers, directors, officers
- Changes in authorized shares, issued shares, and/or paid-in capital
Illinois Annual Report Fee
The cost to file the annual report is the same whether you file online or by mail.
The Illinois corporation and LLC Annual Report filing fee is $75. Corporations must also pay an additional franchise tax, which is a minimum of $25.
There is an additional payment processor fee for all online filings.
Annual Report Due Date
The Annual Report is due before the first day of the anniversary month of the LLC or corporation’s formation. The date of formation can be found by doing an Illinois entity name search and looking for the Organization/Admission Date.
For example, if your business entity was formed on April 15th, the Annual Report deadline will be before April 1st each year following.
Penalty for a late LLC annual report
A late filing will incur a $100 penalty and the Annual Report filing fee.
After being late 180 days, the Secretary of State administratively dissolves the entity. To reinstate an Illinois LLC after being dissolved, there is a $200 reinstatement fee.
Penalty for a late Corporation annual report
Illinois corporations filing late will pay a penalty of 10% of the franchise tax each month if the report is late.
After being 120 days late, the state will administratively dissolve the Corporation.
Illinois Annual Report FAQs
My business made little or no money. Do I still have to file an annual report in Illinois?
Even if your corporation or LLC has received no income or business activity, the annual report still needs to be filed.
What happens if you don’t file the annual report on time?
If the Annual Report is not filed in time, the entity will no longer be considered to be in good standing with the Secretary of State’s office. The members may be held personally liable for not being in good standing should the LLC or corporation be sued.
Is any financial information required to be reported?
No financial information is provided to the Illinois Secretary of State when filing the Annual Report.
How do you change the Registered Agent?
While the Illinois Annual Report form asks for the registered agent’s name and address, the Registered Agent can’t be updated on this form.
To update the Registered Agent’s information for an LLC, complete Form LLC-1.36/1.37—Statement of Change of Registered Agent and/or Registered Office. The filing fee is $25.
Corporations will use Form BCA 5.10/5.20 – Statement of Change of Registered Agent and/or Registered Office.
Illinois Secretary of State Contact Information
The mailing address for the Illinois Annual Report is:
Illinois Secretary of State
Department of Business Services
501 S 2nd Street
Springfield, IL 62756
If you have questions, they can be contacted at 217-782-6961.
