One of the requirements of maintaining an LLC or corporation in Illinois is filing an Annual Report each year. The Annual Report is used to confirm and update the company’s information with the Secretary of State, such as the registered agent, address, and information of the officers, directors, members or managers of the company.
What is Needed to File an Illinois Annual Report
Approximately 6 weeks before the due date, the Illinois Secretary of State will send a notice and an Annual Report form to the address of the Illinois Registered Agent.
You have the option of filing your Corporation and LLC Annual Report online or by mail. To file online, visit the Illinois Secretary of State’s website, otherwise you can fill out the Annual Report form that is sent by mail or by downloading and filling out Form 50.1 for LLCs and Form BCA 14.05 for Corporations. Processing is immediate when filing online or 10-15 business days when filing by mail.
Information that will be needed on the report include:
- Name of the entity
- Address of the principal office
- Contact information of the Registered Agent
- Name and address of the members, managers, directors, officers
Annual Report Cost
Regardless of whether you are filing online or by mail, the cost to file the annual report is the same.
The filing fee for the Corporation and LLC Annual Report is $75. Corporations will also have an additional franchise tax to pay which is a minimum of $25.
The Annual Report is due before the first day of the month the LLC or Corporation was formed. The date of formation can be found by doing an entity name search and look for the Organization/Admission Date.
For example, if your entity was formed on April 15th, the Annual Report will be due before April 1st each year following.
Penalty for a late LLC annual report
A late filing will incur a $100 penalty in addition to the $75 Annual Report filing fee.
After being late 180 days, the Secretary of State administratively dissolves the entity. To reinstate an Illinois LLC after being dissolved, there is a $200 reinstatement fee.
Penalty for a late Corporation annual report
Corporations filing late will pay a penalty that is 10% of the franchise tax each month the report is late.
After being late 120 days, the Corporation will be administratively dissolved.
My business made little or no money. Do I still have to file an annual report in Illinois?
Even if your Corporation or LLC received no income or had no business activity, the annual report is still required to be filed.
What happens if you don’t file the annual report on time?
If the Annual Report is not filed in time, the entity will no longer be considered to be in good standing with the Secretary of State’s office. By not being in good standing, the members may be held personally liable should the LLC or corporation be sued.
Is any financial information required to be reported?
No financial information is provided to the Secretary of State when filing the Annual Report.
How do you change the Registered Agent?
While the Illinois Annual Report form asks for the name and address of the Registered Agent, the Registered Agent can’t be updated on this form.
To update the Registered Agent’s information for an LLC, fill out Form LLC-1.36/1.37 – Statement of Change of Registered Agent and/or Registered Office. There is a filing fee of $25 to make the change.
Corporations will use Form BCA 5.10/5.20 – Statement of Change of Registered Agent and/or Registered Office. There is a filing fee of $25 to make the change.
Illinois Secretary of State Contact Information
The mailing address for the Illinois Annual Report is:
Illinois Secretary of State
Department of Business Services
501 S 2nd Street
Springfield, IL 62756
If you have questions, they can be contacted at 217-782-6961.