Illinois LLC Annual Report: What It Is And How To File?

Every year, LLC company owners are required by Illinois State law to file for their LLC annual report with the Secretary of the State of Illinois. 

In this case, filing an LLC annual report is essential for compliance and maintaining a good record with the Secretary of the State of Illinois. Likewise, another reason for this is to avoid the dissolution of your LLC company.

With that said, this article will guide you through the steps of filing your annual LLC report in Illinois.

 

When to File Your LLC’s Annual Report?

The annual report should be filed every year from the time you filed your LLC initial report. The due date of the annual report is the first day of the month your LLC was formed or approved. Note that you can submit your LLC annual report 45 days before the due date.

If your LLC was formed and approved on September 9, 2020, your LLC annual report deadline is due on the 1st of September, 2021, and also every year.  

To avoid forgetting your annual report filing, you must always include it on your calendar of activities. 

For example, you can create a reminder on your phone or calendar to help you remember around one to two months before the due date to avoid missing the filing. 

On the other hand, if it’s your first year to file for LLC annual reports, it’s due the year after the approval of your LLC application. 

If you want to double-check the date when the state approved your LLC, it’s best to check your LLC’s Certificate of Formation.

What Are the Requirements You Need to Prepare?

Before you file, make sure that you have these documents or information prepared. Preparing these documents beforehand can help prevent any delays during the process. 

  1. State-issued LLC entity number
  2. Date of organization 
  3. Illinois Business EIN (entity identification number) 
  4. Other important details about your company, such as:
  • Your registered agent
  • Its registered office address
  • Officers/directors or partners updated contact information
  • Insurance policy information including your proof of insurance, the insurance company’s name, the insurer’s name, and the policy date.
  • Your signature and title if you are the one filing the report.
  1. 75 USD filing fee.

 

What Will Happen If I Don’t File My Company’s LLC Annual Report?

Not filing your company’s LLC annual Report in Illinois will result in the administrative dissolution of your company by the State of Illinois. However, you’ll be required to pay a penalty of 100 USD late fee if you fail to submit your annual report for 60 days. This 100 USD fee will be paid in addition to the 75 USD filing fee for the annual report, making a total of 175 USD. If you fail to pay this penalty, the Secretary of the State of Illinois would eventually dissolve your LLC.

Where to File the LLC Annual Report?

Fortunately, filing your company’s LLC annual Report is now easier. You can file your LLC annual report online. The state also allows for the submission through mail. For submission through the mail, you will download the form, complete it, and then mail it along with the check for payment to the address:

Secretary of State Department of Business Services

 Limited Liability Division 

501 S. Second St., Rm. 351 

Springfield, IL 62756.

 

How to File Your LLC annual Report: A Step-by-Step Guide

To help you file your company’s LLC annual Report, this article has outlined the steps of the process. Check them out below.

Step 1: Go to the Illinois annual report filing webpage.

Step 2: Follow the instructions on the screen to find your LLC by inputting your LLC Entity number. You can search for your LLC Entity number through the link and look at the file number at the top.

Step 3: Confirm that the LLC Entity number is for your LLC and then continue to the next step.

Step 4: Review and make changes if needed to your Information and then submit the form.

You can also take the help of professional services such as ZenBusiness or Legalzoom to help you as your registered agent.

Step 5: Choose the member or manager that is submitting the LLC annual report, enter the name and title of the person that is submitting on behalf of the LLC, and then continue to the next step of making payment.

Step 6: Enter the name of the person that is making the payment (this name must match the one on the Credit Card that will be used for the payment), also enter the phone number, and email of the person making the payment. Click on continue and then review all the information you’ve provided in the next page that loads.

Your annual report will be submitted after you have successfully made the payment and you will see a message congratulating you on filing your annual LLC report in Illinois after paying.

Important Reminders

The Secretary of the State of Illinois will send a reminder to the registered agent of your LLC at about 45 days before the date your LLC annual report is due. This is a good step by the state, however, it is advisable that you still set your own reminder to reduce the chance of forgetting to the minimum.

 

What Is the Difference Between an LLC annual Report and LLC Partner Tax?

Most company owners mistake LLC annual Report and LLC Partner Tax as being the same. Due to this misconception, they either miss filing one or the other. If you have multi-member LLCs, which means you have two or more owners, you must file for LLC Partner Tax.

 

Other Transactions You Can Do Under the annual Reports and Change Services

Aside from filing your company’s LLC annual Report, here are the other business documents that can be generated through the annual Reports and Change Services:

There are two possible reasons you might want to change your LLC’s assigned registered agent. First, you are dissatisfied with your existing agent and would like to change services. Second, you are your own agent and would like to get the services of a registered agent.

Regardless of the reason, you’ll need a registered agent for your company. This is because an LLC licensed agent plays a vital role in every company. In this case, your registered agent is the official representative of your company. 

For example, suppose the state needs to contact your company for some legal matters. In that case, there should be an authorized representative where they can send legal documents.

  • Reinstating a business entity

One reason for filing a reinstatement is that your LLC faced dissolution due to non-filing of the annual Report or paying taxes.

 

Of course, aside from these, some of the other tasks you can perform in the annual Reports and Change Services:

  • File an amendment
  • Business name search
  • Change tax/Employer registration record

 

Conclusion

Finally, you now know how to file your company’s LLC annual Report in Illinois. Making sure you comply with this requirement is essential to avoid penalties or the dissolution of your company.

In this case, to avoid forgetting your annual reporting, it’s best to organize your calendar. In fact, it’s recommended to set a reminder two months before your date of filing. 

After all, as a business owner, it’s your responsibility to abide by the government’s ordinance to avoid penalties for your company.