If you are an Illinois resident who owns a limited liability company (LLC), you might be wondering whether you need to renew it annually. No, Illinois LLCs are not required to renew annually, to give you the quick answer. To maintain the good status of your LLC, you must continue to meet a few obligations.
Although you are not required to renew your LLC annually in Illinois, you are required to submit a report to the Secretary of State every year. The annual report is due on the first day of the month that marks the founding of your LLC. For instance, your annual report would be due on May 1st each year if your LLC was established on May 15th. The annual report filing fee is $75. Bylaws and operating contracts
Operating agreements and bylaws are two distinct legal papers that regulate your LLC. An operating agreement is a contract that is legally enforceable and describes the ownership and management of your LLC, whereas bylaws are a set of guidelines that govern how your LLC operates inside. Although they have different functions, both papers are crucial for managing your LLC. A Single Member Operating Agreement must be completed. A single owner LLC is referred to as a single-member LLC. In Illinois, you should still have an operating agreement if your LLC only has one member. You must include details about your company, such as the name of your LLC, its purpose, and the name and address of your registered agent, while filling out a single-member operating agreement.
Every LLC in Illinois must have a registered agent. A registered agent is a person or organization that has the legal authority to accept correspondence on your LLC’s behalf. In order to serve as your own registered agent in Illinois, you must have a local physical address where you can receive official correspondence. You can appoint a registered agent service to serve as your registered agent if you don’t wish to be your own registered agent.
The bottom line is that even while you are not required to renew your LLC annually in Illinois, you still need to complete an annual report and adhere to other ongoing obligations to keep your LLC in good standing. Your LLC is governed by operating agreements and bylaws, and if you have a physical location in Illinois, you can serve as your own registered agent for the LLC. A business attorney or accountant should always be consulted if you have any queries or worries regarding keeping your LLC in Illinois.
Yes, you typically need to seek a business license or permission from the state or local government if you intend to establish a business in Illinois. Depending on the kind of business you intend to operate, where you are in Illinois, and the fees involved, there may be different regulations and costs involved. To avoid any fines or penalties, it’s crucial to thoroughly research and adhere to all legal requirements.