The Illinois Annual Report: What Happens If You Miss It

Every Illinois LLC files an annual report with the Secretary of State once a year, and it currently costs $75. It is due before the first day of your anniversary month, the month your company was formed. Corporations file one too, along with a franchise tax. The report is short. The problem is remembering it.

Miss it, and the consequences are not small. The state can revoke your good standing, and if you keep missing it, administratively dissolve your company. A dissolved LLC can lose the liability protection you formed it for, and a bank or a buyer running a search will see the status. Getting reinstated costs more than the report ever would have.

Lobi Business Compliance tracks your deadline, reminds you before it arrives, and files the report for $125 plus the state fee, so your company stays in good standing.

For the full detail on the deadline, the fee and the franchise tax that trips up new corporations, read the Illinois annual report explained and the certificate of good standing.

Part of Lobi Business Compliance.