One requirement of maintaining an LLC or corporation in Illinois is filing an Annual Report each year. 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.
Table of ContentsDomestic and foreign corporations and LLCs are required to file an annual report each year after the year the company was formed.
If you would rather use a service that guarantees the annual report is filed on-time and right, check out the annual report filing services through Northwest and Harbor Compliance.
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 have the option of filing 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 that is 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 when filing by mail.
Information that will be needed on the report includes:
The cost to file the annual report is the same whether you file online or by mail.
The filing fee for the Corporation and LLC Annual Report is $75. Corporations will also have an additional franchise tax to pay, which is a minimum of $25.
There is an additional payment processor fee for all online filings.
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 15 th , the Annual Report deadline will be before April 1 st each year following.
A late filing will incur a $100 penalty in addition to the $75 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.
Illinois corporations filing late will pay a penalty that is 10% of the franchise tax each month the report is late.
After being 120 days late, the Corporation will be administratively dissolved by the state.
Even if your Corporation or LLC received no income or had no business activity, the annual report is still required to be filed.
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. By not being in good standing, the members may be held personally liable should the LLC or corporation be sued.
No financial information is provided to the Illinois Secretary of State when filing the Annual Report.
While the Illinois Annual Report form asks for the name and address of the Registered Agent, the Registered Agent can’t be updated on this form.
To update the Registered Agent’s information for an LLC, fill out 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. There is a filing fee of $25 to make the change.
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.