Once your Illinois LLC is created, you must adhere to your state’s filing dates in order to maintain good standing and prevent costly fines or penalties.
This article addresses the following issues for an Illinois limited liability company:
What exactly is an annual report?
How do I submit my yearly report?
Should I use a registered agent?
Table of Contents
What Exactly Is an Annual Report?
An annual report is a routine file that your LLC must make every year in Illinois to update your company information, which includes:
Principal place of business
Members’ or supervisors’ names and addresses
This report is intended to keep your company records up to date with the State of Illinois. This enables creditors and other interested parties to locate your company address in the event that they need to contact you. This information is used by the government to trace the payment of your LLC state taxes.
How Do I Submit My Annual Report?
Your Illinois LLC annual report may be filed with the Secretary of State. If you file online, you must provide your LLC’s File Number (or search for your business with the provided link).
Should I Hire a Registered Agent?
A registered agent is a person or corporation designated by your firm to receive and deliver documents on your behalf. You may guarantee that your LLC’s reports are always submitted on time to the relevant government agency by employing a registered agent service. The following are the three primary benefits of employing a registered agent service for your LLC:
Avoid late filing penalties: If an Illinois LLC fails to submit an annual report, the Secretary of State has the authority to dissolve it. A registered agent service will remind you when reports are due and, for an extra cost, will submit the file for you.
Gain flexibility: A registered agent service may receive and submit paperwork for your LLC during normal business hours, allowing you to avoid working from 9 a.m. to 5 p.m. every week. You may also employ a registered agent service to create an LLC in states where you do not already have a company presence.
Maintain your privacy: Using a registered agent service ensures your privacy by keeping your real address off public records. Furthermore, if your LLC is sued, the lawsuit will be served at the registered agent’s address rather than your place of business.
