LLCs must submit an Annual Report to the Secretary of State each year in the state of Illinois. The first day of the month following the LLC’s formation is when this report is due. The report needs to be submitted online, and it costs $75 to do so. A $300 late fee will be assessed to the LLC if the report is not submitted on time.
It is crucial to understand that submitting the annual report does not constitute renewing the LLC. The Annual Report contains up-to-date information about the LLC, including the members’ identities, the registered agent’s name and address, and the company’s physical address. To keep the LLC in good standing, documents must be filed with the Secretary of State. Every ten years, the renewal period occurs. Illinois LLC Taxes –
In Illinois, LLCs are regarded as pass-through entities for taxation. This indicates that the LLC’s income is passed through to the owners’ personal tax returns rather than being taxed at the business level. Taxes on each owner’s portion of the LLC’s earnings are their responsibility.
In Illinois, LLCs must also pay a yearly fee based on their income in addition to income tax. Depending on the LLC’s level of income, the price might range from $75 to $750. State of Illinois Annual Report Each year, LLCs are required to submit the Illinois Annual Report to the Secretary of State. The report offers up-to-date details on the LLC, including the members’ identities, the registered agent’s name and address, and the company’s physical location. The Annual Report must be submitted online for a $75 filing fee. Notice of Dissolution Articles An LLC must file Articles of Dissolution with the Secretary of State if it has ceased operations or made the decision to disband. To file these articles, the LLC must pay a $5 filing fee. Within 60 days following the dissolution of the LLC, the articles must be submitted.
In conclusion, LLCs in Illinois are required to renew their status every 10 years and submit an Annual Report each year. LLCs must also pay a yearly fee based on their income level as well as taxes on their income. The LLC’s most recent information is updated in the Illinois Annual Report, and if the LLC ceases to be in operation, articles of dissolution must be filed. LLCs in Illinois can preserve their good status and stay out of trouble by staying on top of these standards.
The Illinois Secretary of State’s office has written guidelines on how to establish an article of dissolution for an LLC in Illinois. Usually, this entails filling out a form with details on the LLC, its owners, and the reason for dissolution. You can also be required to pay a charge or provide more supporting documentation. To make sure that all requirements are met and the dissolution procedure is handled properly, it is advised that you speak with an attorney or other professional service provider.