To keep your limited liability company (LLC) in good standing with the state, if you own a business in Illinois and it is an LLC, you must make sure you pay the required fees and complete the required paperwork. An explanation of how to pay your LLC in Illinois is provided below.
Obtain an EIN from the IRS as the first step. You must receive an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) before you may pay your LLC in Illinois. This special nine-digit number serves as your company’s tax identification. On the IRS website, you can submit an online application for an EIN.
File your annual report in Step 2 You must submit an annual report to the Secretary of State’s office as an LLC owner in Illinois. The first day of the month in which your LLC was created is when this report is due. Your yearly report can be submitted electronically via the Secretary of State’s website. The annual report filing fee is $75.
Pay Your Annual Fee in Step 3 You must submit your annual report and pay a fee to the state of Illinois on a yearly basis. This payment is due on the first day of the month after the formation of your LLC. For LLCs with annual revenues under $1,000,000, the charge is $75; for those with annual revenues above $1,000,000, the fee is $300. Through the website of the Illinois Department of Revenue, you can pay your annual fee online.
Fourth Step: Renew Your LLC To keep your LLC in good standing with the state of Illinois, you must renew it annually. Through the website of the Secretary of State, you can renew your LLC online. The $75 renewal fee applies.
The annual report for your LLC is a record of the financial and operational activity of your company throughout the previous year. Here is a sample annual report that you can use for your Illinois LLC.
Review your financial statements as the first step. You must review the financial statements for the previous year of your LLC before you prepare your annual report. Your balance sheet, income statement, and cash flow statement will all be a part of this. Reviewing your company’s operational operations from the previous year is another thing you should do.
Write a summary of your year in the second step. You should offer an overview of your company’s recent year’s activity in your annual report. Included here should be any significant achievements, obstacles, or milestones that your company overcame.
Provide financial information in step three
Your annual report must also contain financial details. This will show the net profit or loss for the year as well as the income and expenses for your LLC. Any capital contributions or payouts made throughout the course of the year should also be included.
Include additional information in Step 4
You might want to add more information to your annual report in addition to the financial and operational data. This could include any alterations to the ownership or management structure of your LLC, any newly launched goods or services, or any other pertinent information.
LLCs must submit an annual report to the Secretary of State’s office in Illinois. On the first day of the month in which your LLC was created, the report is due. The registered agent for the LLC or another designated representative must submit the report.
To ensure the procedure is carried out properly, you must follow a few steps if you need to close your LLC in Illinois. Here’s how to dissolve your Illinois LLC.
File Articles of Dissolution as the first step You must submit Articles of Dissolution to the Secretary of State’s office in order to dissolve your LLC in Illinois. Your LLC is formally dissolved and deleted from the state’s records thanks to this paperwork.
Remind Any Creditors or Business Partners in Step 3 You must inform any creditors or business partners of your intention to dissolve the LLC if there are any unpaid debts or obligations owed by your LLC.
How to Determine Whether Your Illinois LLC Is Active
You can check your LLC’s status on the Secretary of State’s website if you’re not sure if it’s operating in Illinois. You may easily check the status of your LLC by searching for it by name or filing number. If your LLC is operating legally, the status will say “Active”.
In Illinois, you could require a certificate of status for your LLC in order to pay taxes or submit yearly reports. An official certificate of status from the Illinois Secretary of State demonstrates that your LLC is in good standing. It demonstrates that your LLC has submitted the required paperwork on time and in full. Before working with your LLC, several banks and lenders may also need a certificate of status. A certificate of status can be obtained for a charge from the Illinois Secretary of State’s office.
Use the “Corporate/LLC Search” online search tool on the Illinois Secretary of State website to locate your LLC and view its current status. This will allow you to see how your LLC is currently performing in Illinois. To find out the status of your LLC, you can also get in touch with the Illinois Secretary of State’s office by phone or email.