You are tasked with receiving legal notices, such as lawsuits and other court documents, on behalf of your company as the registered agent. Your company may be subject to legal repercussions if you neglect to receive or react to these notices on time.
Additionally, if you act as your own registered agent, the Illinois Secretary of State’s website will have access to your personal data, including your home address. This may damage your privacy and result in unwanted solicitations. Do I have to renew my LLC in Illinois each year? Yes, in order to maintain good standing with the state, LLCs in Illinois are obliged to submit an annual report and pay a renewal fee each year. The yearly report needs to be submitted electronically via the website of the Illinois Secretary of State.
Do LLCs have a lifespan in Illinois? In Illinois, LLCs do not expire. However, your LLC will go into bad standing and lose the ability to operate in the state if you forget to submit your annual report and pay the renewal cost.
In Illinois, how much does it cost to renew an LLC? In Illinois, an LLC renewal costs $75 a year. In addition to any other fees that might be necessary, including the charge for a registered agent, this fee is for the yearly report.
Despite the fact that it is possible to act as your own registered agent in Illinois, it is advised to balance the risks and think about hiring a professional registered agent to help you to avoid any potential privacy and legal difficulties. Additionally, in order to stay in good standing with the state of Illinois, LLCs must submit an annual report and pay a renewal fee each year.