Once you have formed your Illinois LLC, you must stay on top of your state’s filing deadlines in order to stay in good standing and avoid unnecessary fines or penalties.
This article answers the following questions for an Illinois LLC:
What Is an Annual Report?
In Illinois, an annual report is a regular filing that your LLC must complete every year to update your business information, including:
- Principal business address
- Names and addresses of LLC members or managers
The purpose of this report is to keep your business records up to date with the State of Illinois. This allows creditors and other interested parties to look up your business address in case they need to contact you. The government uses this information to track the payment of your LLC state taxes.
How Do I File an Annual Report?
You can file your Illinois LLC annual report with the Secretary of State. If filing online, you must provide your LLC’s File Number (or search for your business with the provided link).
OPTION 1: File Online With Illinois Cyberdrive
- OR -
OPTION 2: File Form LLC-50.1 by Mail
Department of Business Services
Limited Liability Division
501 S. Second St., Rm. 351
Springfield, IL 62756
Due Date: Illinois LLC annual reports are due before the first day of your LLC’s anniversary month (i.e., the month when you initially formed your LLC with the state).
Late Filings: Any annual report filed more than 60 days after the due date will result in a $100 late fee. Further failure to file an annual report could result in the dissolution of your Illinois LLC.
Should I Use a Registered Agent Service?
A registered agent is a person or business nominated by your company to officially receive and send papers on your behalf. By using a registered agent service, you can ensure that your LLC's reports are always filed on time to the appropriate government agency. Here are the three main advantages to using a registered agent service for your LLC:
- Avoid late filing penalties: The Secretary of State can dissolve an Illinois LLC if it does not file an annual report. A registered agent service will notify you when reports are due, and they can also submit the filing for you for an additional fee.
- Gain flexibility: A registered agent service can receive and send documents for your LLC during regular business hours so that you don’t have to be on the job from 9 a.m. to 5 p.m. every week. You can also use a registered agent service to form an LLC in other states where you don't already have an established business presence.
- Maintain privacy: Using a registered agent service allows you to keep your personal address off of public records, ensuring your privacy. Additionally, if someone sues your LLC, the lawsuit will be served to the registered agent’s address rather than your place of business.
Learn more about getting an Illinois registered agent by reading our guide.