In order to maintain your Illinois LLC’s good standing with the state, you must renew it every year. Knowing the procedure and conditions for renewal is essential because failing to renew your LLC might result in penalties and fines.
You must submit an Annual Report to the Illinois Secretary of State in order to renew your LLC. Every year, the report is due on the first day of the month that marks the LLC’s anniversary. As an illustration, if your LLC was established on January 15th, your annual report would be due on February 1st of every succeeding year.
You have two options for submitting the Annual Report: online through the Secretary of State’s website, or by mail. The report filing fee is $75. Mark your calendars and submit your report on time because there is a $300 penalty cost for filing late.
Your LLC will be renewed for another year once your Annual Report has been submitted and the associated charge has been paid. It’s crucial to remember that renewing your LLC does not imply that you have renewed any business-related licenses or permissions.
A letter of good standing, often called a certificate of good standing, is proof that your limited liability company is in conformity with state laws and has made all required payments. This document may be required by some banks, lenders, and prospective business partners as evidence that your LLC is in good standing.
By submitting the required papers and paying any due costs, you can reinstate your LLC even though it is currently ineligible and has been administratively dissolved. Since this procedure might be more time-consuming and expensive, it’s crucial to renew your LLC on an annual basis to keep it in good standing.
In short, filing an Annual Report and paying a $75 charge are required for renewing your LLC in Illinois. To avoid fines and keep your LLC in good standing with the state, it’s crucial to renew it on time. For some commercial activities, obtaining a Letter of Good Standing may be required; this service costs $25. By submitting the required documentation and paying any unpaid fees, you can reinstate your LLC if it is not currently in good standing.