If you are an Illinois resident who owns a Limited Liability Company (LLC), you might be wondering whether you have to file an annual report. You do, is the answer. All LLCs in Illinois must submit an annual report to the Secretary of State in order to keep their status in good standing. This report is due on the first day of the month following the anniversary of the formation of your LLC.
The annual report is a straightforward document that merely updates or validates the data that your business has on file with the state. This includes the name and address of your LLC, the members’ and managers’ names and addresses, the name and address of the registered agent, and any other alterations that could have taken place over the past year.
You have two options for submitting your annual report: online through the website of the Illinois Secretary of State, or by mail. The report submission fee is $75. Failure to submit your annual report by the deadline may result in fines, including the loss of your LLC’s good standing and the possibility that the state will remove your company’s name from its records.
Other than the annual report, there may be times when you need to amend the articles of incorporation for your LLC. You can amend your articles of incorporation by doing this. You must submit Articles of Amendment to the Secretary of State of Illinois in order to do this. Depending on the modifications you are making, the procedure and costs for updating your articles of incorporation may change.
If you want to create an LLC in Illinois, the procedure is rather simple. Articles of Organization must be submitted to the Secretary of State together with a $150 filing fee. Additionally, you will require a registered agent to file your annual report each year and receive legal documents on your LLC’s behalf.
You might be asking if it is possible to revive your LLC if it has been dissolved. By submitting an Application for Reinstatement and paying the necessary costs, you can request reinstatement in Illinois within five years of the date your LLC was dissolved. However, you will need to create a new LLC if the state has already deleted your LLC’s name from its records.
If your LLC was dissolved because you neglected to submit the annual report or other relevant paperwork, you can resolve the situation by submitting the required paperwork and paying any associated fees. Your LLC can be revived and put back in good standing once you’ve done that.
To sum up, submitting an annual report is necessary to keep your LLC in good standing in Illinois. It is a straightforward process that may be completed online or by mail, and there may be consequences for not filing. The procedure and costs can alter depending on the circumstances if you need to amend the articles of incorporation for your LLC or if you want to create or reinstate an LLC. It’s critical to stay current on your LLC’s regulations to prevent any problems in the future.