Annual Reports in Illinois: Everything You Need to Know

Does Illinois require annual reports?
All Illinois corporations, LLCs, nonprofits, and LPs must file an annual report each year with the Illinois Secretary of State, Department of Business Services. In addition to filing an annual report, every corporation must also pay an annual franchise tax.

Illinois demands yearly reports from businesses, organizations, and limited liability companies. These yearly reports assist the state in keeping track of vital data regarding companies based within its borders. Failure to submit an annual report may incur fines and, in severe circumstances, result in the loss of your company’s legal standing.

Who in Illinois is required to file an annual report?

A yearly report must be sent to the Illinois Secretary of State by every corporation, nonprofit organization, and LLC that is registered there. The report is due annually on the first day of the month that marks the incorporation or registration anniversary of your company. For instance, if your company was incorporated on March 15, each year’s annual report is due on March 1.

How Can I Get a Copy of My Annual Report in Illinois Taking This Into Account?

You can ask for a copy of your yearly report from the Illinois Secretary of State’s office if you need one. It costs money to use this service, and it can take a while to get your report. As an alternative, you can get your annual report for nothing from the Secretary of State’s website.

In Illinois, I need to renew my corporation. How can I do that?

In Illinois, you must submit an annual report and pay the required amount in order to renew your corporation. The cost varies based on your company’s business entity type and the amount of shares it has issued. Your corporation will be renewed for another year once your annual report has been submitted and the associated charge has been paid.

What Is the Repeal of the Illinois Franchise Tax, then?

The franchise tax for all businesses and LLCs was abolished in Illinois in 2019. In the past, companies were subject to this tax based on how many shares they had issued. Businesses in Illinois no longer have to be concerned about this additional financial burden thanks to the elimination of this tax.

In conclusion, all businesses, nonprofits, and LLCs registered in the state of Illinois are required to submit yearly reports. The first day of the month following the anniversary of the incorporation or registration of your business is when these reports are due. You can obtain your yearly report from the Secretary of State’s website or request a copy from their office if you require one. In Illinois, you must submit an annual report and pay the required amount in order to renew your corporation. The Illinois franchise tax has finally been eliminated, which is wonderful news for all companies doing business there.