Form bca 14 05 2025

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The document is the Annual Report Form BCA 14.05 for domestic corporations in Illinois, required under the Business Corporation Act. It collects essential corporate information such as corporate name, registered agent, principal address, officers and directors' details, stock ownership status, paid-in capital, and financial data for tax purposes. The form also outlines the calculation of annual franchise tax and fees, including penalties for late submissions.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What triggers franchise tax?

If your corporations annual net income multiplied by the applicable corporate tax rate is higher than $800, you must pay that amount to the California Franchise Tax Board instead of the initial $800.

Is an annual report the same as franchise tax?

Distinguishing an Annual Report from a Franchise Tax Report can be confusing, since the name of the annual report in some states is called an Annual Franchise Tax Report. The name of the report doesnt always indicate exactly what it is, so youll need to know the state office youre required to file with.

How much does it cost to register a foreign LLC in Illinois?

The BCA 13.15 Foreign Corporation Requirements allow entities domesticated in a State other than Illinois to conduct business in Illinois. Corporations formed in a State other than Illinois are considered Foreign Corporations.

How is Illinois franchise tax calculated?

How much does a foreign LLC cost in Illinois? Applying for foreign qualification in Illinois comes with a filing fee of $150, plus an extra fee if youll also be applying for an assumed name. Your home state may also charge a fee for a Certificate of Good Standing, which is required with the registration application.

What are the liability exemption amounts for Illinois franchise tax?

Illinois franchise tax House Bill 4951 increases the franchise tax exemption threshold. Beginning Jan. 1, 2025, the first $10,000 in liability is exempt, doubling the current exemption threshold of $5,000.

form bca 14 05

Illinois form BCA 14.05 foreign corporation annual report BCA 13.15 instructions Illinois form BCA 14.30 instructions Is a domestic BCA an S corp Illinois franchise Tax form bca 13.15, application for authority to transact business in illinois Domestic bca vs S corp BCA 12.20 instructions

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How much is the annual report fee in Illinois?

Illinois franchise tax is calculated by multiplying 0.001 by an estimate of the portion of your business that takes place in Illinois, multiplying that by Paid-in Capital, before adding penalties/interest (if applicable) and a Filing Fee. The annual report form has a worksheet to calculate what you owe.

How much does an LLC pay in taxes in Illinois?

Illinois State Income Tax If youre filing under either default LLC or S-corp status, youll pay individual income tax in Illinois which is a flat 4.95%. This means whether you earn $100 or $100,000 in income from your LLC, youll pay the same rate.

Form bca 14 05 2025

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What triggers franchise tax?

Is an annual report the same as franchise tax?

How much does it cost to register a foreign LLC in Illinois?

How is Illinois franchise tax calculated?

What are the liability exemption amounts for Illinois franchise tax?

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How much is the annual report fee in Illinois?

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