There are a few procedures you must complete in order to reactivate a dormant firm in Illinois. We’ll give you a thorough walkthrough of the process of reactivating your inactive corporation in Illinois in this article.
1. Submit annual reports The filing of annual reports with the Illinois Secretary of State is the first step in reactivating your dormant business. Even if your business is idle, you must submit an annual report every year. There may be fines and penalties if annual reports are not submitted. Your annual report can be submitted online or by mail.
2. Remit Fees
You must submit your annual reports and pay the associated fees. The costs will vary depending on the kind of business you have. In Illinois, for instance, corporations must pay $150 for their annual report whereas LLCs must pay $75.
3. Update your Registered Agent information Your registered agent might have changed if your business hasn’t been active in a while. The Illinois Secretary of State must receive an update regarding your registered agent. A registered agent is a person or business that accepts legal and tax paperwork on your company’s behalf. In Illinois, you must have a registered agent.
You must choose your company’s business structure before reactivating your dormant entity. S Corporations and LLCs are the two types of business entities that are used the most in Illinois. S Corporations have tax advantages, whereas LLCs are easier to establish and administer. A legal expert should be consulted to help you choose the right structure for your business.
Yes, Illinois requires you to have a registered agent. A registered agent is a person or business that accepts legal and tax paperwork on your company’s behalf. Is an LLC or S Corporation better?
Your particular situation will determine the answer to this question. S Corporations have tax advantages, whereas LLCs are easier to establish and administer. A legal expert should be consulted to help you choose the right structure for your business. Does Illinois Require a Business License for Online Sales?
Yes, a business license is required in Illinois to do internet commerce. You must register your company with the Illinois Department of Revenue, and depending on the kind of goods you offer, you might also require extra permits.