Businesses operating in Illinois are required by law to submit an annual report. This report is intended to provide current information about your company to the Secretary of State’s office. Your company’s name, registered agent, business address, and other crucial details are all included in the annual report. We’ll explain how to complete an annual report in Illinois and address some relevant issues in this article.
You must complete the following steps in Illinois in order to file an annual report:
Step 2: Choose “Annual Report” from the list of options that appears after selecting the “File Business Services Online” option.
Step 4: Double-check the information about your company and make any required updates, including those to your registered agent, business address, and contact information.
Step 6: Finish by submitting the annual report.
Depending on the type of business you have, filing an annual report in Illinois costs a different amount. Limited partnerships, LLCs, and for-profit corporations all have to pay a $75 filing fee. $10 is paid by nonprofit corporations as a filing fee.
Yes, LLCs in Illinois are required to submit an annual report. Penalties, including the involuntary dissolution of your LLC, may apply if you fail to submit an annual report.
When the Secretary of State’s office dissolves a corporation because it has broken state law, this is known as an involuntary dissolution. This could occur if a corporation neglects to submit an annual report, pay taxes, or keep a registered agent on file. The legal standing and liability protection of your company may be lost in the event of an involuntary dissolution.
The total sum of money that shareholders have contributed to a firm is known as paid-in capital. Both the stock’s par value and any additional payments made above the par value are included. The Illinois annual report includes information about paid-in capital, which is used to assess a corporation’s financial standing.
In conclusion, submitting an annual report is a vital prerequisite for companies doing business in Illinois. It’s crucial to keep your company’s information current if you want to avoid fines and protect your legal standing. You can quickly complete and submit your yearly report to the Illinois Secretary of State’s office by following the above-mentioned steps.
You can utilize the business search feature on the Illinois Secretary of State’s website to look up your company’s status there. The website will give you information about your company’s status, including whether it is in good standing or not, if you submit your business name or file number.