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All Illinois corporations, LLCs, nonprofits, and LPs must file an annual report each year with the Illinois Secretary of State, Department of Business Services. In addition to filing an annual report, every corporation must also pay an annual franchise tax.
What happens if I forgot to file an annual report?
After failing to file, a jurisdiction will revoke your companys good standing or put it into a forfeited status if the report is not filed within a certain amount of time following the missed filing. Often, missed annual filings are not caught until the entity has already been revoked.
What happens if you dont file an annual report?
Illinois Professional LLC Annual Report Requirements: Due: Annually by the end of the month prior to the registration anniversary month. So if you formed or foreign-qualified on February 14th, then your annual report is due January 31. Reports may be filed up to 60 days prior to the start of the anniversary month.
Is it mandatory to prepare an annual report?
Obligation to prepare Annual Report- The board of every company shall within six months after the balance sheet date of the company, prepare an annual report on the affairs of the company during the accounting period ending on that date.
What happens if an annual return is not filed?
In case a company has not filed its Annual Return for three continuous financial years, then every person who has been a director or is currently the director of the specific company could be disqualified under the Companies Act, 2013 (Know more about Director Disqualification).
What happens if you dont file an annual report in Illinois?
Failing to file your Illinois annual report on time can lead to serious consequences, including: Late Fees A $100 penalty for corporations and LLCs. Loss of Good Standing Can impact financing and business operations.
What happens if LLC does not file an annual report?
If you fail to file a required annual or biennial report, you can face stiff penalties. These can range from fines imposed by the state to the state administratively dissolving or revoking your entity. Administrative dissolution means that you can no longer legally conduct business in a state.
Related links
StartingYourBuSineSS in illinoiS HandBook
The corporation will be required to file annual reports with the Secretary of State (SOS). If the name of the business will include the word Corporation
Nov 16, 2021 Pumping Station: One, NFP (the Corporation), is organized as an Illinois not for profit corporation exclusively for charitable, educational, and scientific
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