Everything you need to file your Illinois Annual Report and pay the franchise tax.
Annual reports are crucial for maintaining the good standing of your business entity with the state of Illinois. They provide updates on your company’s current information, ensuring compliance with state regulations, and helping the state track business activities. The franchise tax is a state-imposed tax on corporations for the right to do business in Illinois.
The deadline for filing your annual report and paying the franchise tax in Illinois is annually, by the end of the filing entity’s anniversary month. The cost of filing the report is $75 for corporations, $75 for LLCs, and $100 for LLPs. Corporations must also pay a minimum franchise tax of $25.
If you don’t file your annual report on time, you’ll face a late fee of $100 for corporations and $200 for LLCs and LLPs. Late filing may also put your business at risk of administrative dissolution, which means the state could dissolve your business entity.
Here’s all the information you’ll need to have when filing:
To file your annual report and pay the franchise tax online, visit the Illinois Secretary of State’s Department of Business Services website at.
Step 1: Log in to your account on the Illinois Secretary of State’s Department of Business Services website.
Step 2: Search for your business entity using the search bar, entering your company’s name or entity number.
Step 3: Once you have located your business entity, click on the “File Annual Report” option to start the process.
Step 4: Review the pre-filled information and update any necessary details, such as changes in address, registered agent, or management.
Step 5: For corporations, calculate and enter the franchise tax amount due.
Step 6: Verify the information on the annual report, and electronically sign and date the document.
Step 7: Complete the filing process by paying the required fee and franchise tax, using a credit or debit card.
By filing your annual report on time and paying the franchise tax, you will maintain compliance with state regulations and ensure that your business entity remains in good standing with the state of Illinois.