Illinois Annual Report
All business entities registered with the state of Illinois must file an annual report that confirms and/or amends basic information about your business. If you’re filing an annual report for a corporation, you’re also subject to the state’s annual franchise tax.
Missing your filing deadline means you’ll be on the hook for a late fee and, depending on how overdue your report is, possible administrative penalties. Make sure you get your report in on time.
This guide will cover the basics of the Illinois Annual Report:
What Is the Illinois Annual Report?
The Illinois Annual Report is a form business owners in Illinois must file each year to maintain good standing with the state. It’s a way for the state to ensure that information about your business is current. The information you’ll have to provide includes:
- Business file number
- Business name
- Registered agent name and address
- Business address
- State or country of formation
- Date of formation or registration in Illinois
- Names and addresses of officers/directors (corporations) or members/managers (LLCs)
- Signature, title and name of person filing report
NOTE: If you’re filing an annual report for a corporation, you’ll also be asked to include corporate stock information and your franchise tax calculation.
How do I find my business file number?
You can find your entity’s business file number by visiting the Illinois Department of Business Service’s Corporation/LLC database.
How much does the Illinois Annual Report cost to file?
The filing fee varies depending on the business type:
• Domestic and foreign LLCs and corporations: $75
• Domestic and foreign Limited Partnerships: $100
• Domestic and foreign nonprofits: $10
Corporations also must pay any franchise tax owed.
Get Annual Report Compliance Service
With Registered Agent or Company Formation
As Illinois business filing experts, we never want you to miss a required filing. Failing to file your annual can result in late fees, losing your good standing with the state, and even administration dissolution of your business. To help protect your business and assets from these negative consequences, we include enrollment in Annual Report Compliance Service at no additional upfront cost when you hire us as your Registered Agent or for Company Formation Service.
At signup, you’ll pay $49 for Registered Agent Service or $303 for Company Formation (LLC or corporation). Then we’ll send reminders about your annual report filing as the due date gets close and file on your behalf ahead of the deadline ($100 + the state fee). If you prefer to file yourself, just cancel the service in your online account. Compliance Service allows you remain compliant without being forced to stay vigilant about your report due date.
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How to File Your Illinois Annual Report
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1. Determine Your Annual Report Due Date |
Your report is due before the first day of your company’s anniversary month. For example, if you originally formed an Illinois LLC on May 16th, the last day to file your report would be April 30th each year.
The state will send an annual report notice to your registered agent each year. When you have us as your registered agent, we upload the notice and send you a reminder that your annual report is available for filing.
With Registered Agent and Company Formation service, we include enrollment in our Annual Report Compliance Service (no additional cost at signup), so you can choose to have us file for you or cancel and file yourself. Compliance Service is $100 plus the state fee. We’ll take care of remembering the deadline and the paperwork while you take care of running your business. You won’t have to worry about falling out of good standing with the state, either.
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2. Calculate Your Franchise Tax |
Only corporations—both foreign and domestic—are subject to Illinois’s franchise tax. (See the steps for How to Calculate Illinois Franchise Tax below for details.)
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3. Determine Your Filing Method |
In most cases, you’ll be able to file your Annual Report either online or by mail. But the following entities must file their annual report using paper forms:
- Foreign corporations
- Foreign nonprofits
- Foreign limited partnerships
- Domestic limited partnerships
- Corporations with seven or more officers/directors
- Corporations with changes in the number of authorized shares, issued shares and/or paid in capital
- LLCs that have been administratively dissolved or revoked
Online:
To file your annual report online, go to the state’s Business Services page and select your entity type. On the following page, you’ll see a link to the online annual report.
By Mail:
If filing by mail, here are the forms you’ll need to use:
Entity Type |
Form |
| Corporations (domestic and foreign) | Form BCA 14.05 |
| Foreign Nonprofits | Form NFP 114.05 |
| Limited Partnerships (domestic and foreign) | Form LP 210 |
| LLCs (domestic and foreign) | Form LLC-50.1 |
When your annual report is ready to submit, you can send it to:
Illinois Secretary of State
Department of Business Services
501 S. Second St., Rm. 350
Springfield, IL 62756
What Is Illinois Franchise Tax?
The Illinois Franchise Tax is an annual tax for corporations that conduct business in Illinois. Your franchise tax calculation and payment (if applicable) should be included in your annual report filing.
NOTE: The state’s franchise tax rules can change from year to year. Also though the franchise tax was initially announced to be ending in 2024, the state legislature passed HB4951, which continues the tax. Make sure to check to see if any recent changes have occurred before filing.
How to Calculate Illinois Franchise Tax
You can calculate your Illinois franchise tax using either one of two methods: the allocation factor or paid-in capital.
Allocation Factor
The allocation factor is based on four criteria:
a.) value of all property owned by the corporation
b.) value of property located in Illinois
c.) gross amount of business transacted over the last 12 months everywhere
d.) gross amount of business transacted over the last 12 months in Illinois
Your franchise tax total = b+d divided by a+c.
Paid-In Capital
Paid-in capital is the amount of money a corporation receives from its shareholders in exchange for stock. Your franchise tax will be calculated at 1/10 of 1% of your paid-in capital for the 12 months prior to your annual report filing.
HB4951 has updated the amount of franchise tax that is considered exempt. Prior to 2024, the first $100,000 of franchise tax calculated was exempt (meaning that if you calculated your tax and the amount was under 100k, you didn’t have to pay any franchise tax). However, for the tax year 2024, the exempt amount is only $5,000. Starting January 1, 2025, the first $10,000 of your calculated tax is exempt.
FAQ: Illinois Annual Report
All Illinois business entities are required to file an annual report by the last day of the month prior to their anniversary month. So, if you formed your business on January 15, you would need to file your annual report by December 31.
To verify your business’s formation or registration date, you can search for your company in the Illinois Business Database.
If you don’t file your Illinois annual report within 60 days of your due date, you’ll have to pay a penalty fee. This fee varies by entity type:
- Corporations: 10% of the total franchise tax due (plus 2% interest)
- LLCs: $100
- Nonprofits: $3
LLC: At the end of that first 60-day window, you’ll receive a notice that your annual report must be filed (and all fees paid) within another 60-day window, or your business will be administratively dissolved. In the case of administrative dissolution, you’ll have to file an LLC Application for Reinstatement and pay all late fees in addition to a reinstatement fee of $200.
Corporations: If you don’t file your annual report within 30 days of your due date, you’ll receive a notice of delinquency. After another 90 days, if you still haven’t filed your annual report, you’ll receive a second notice that your corporation has been administratively dissolved. To get back in good standing with the state, you’ll need to file a Corporation Application for Reinstatement, along with all late fees and and the reinstatement fee of $200.
Nonprofits: A nonprofit will be only be considered revoked 6 months after its annual report was initially due. Reinstatement requires filing a Nonprofit Application for Reinstatement, in addition to all fees and a $25 reinstatement fee.
If you file online, your annual report will be processed immediately. Paper documents typically take 10 business days to file.
Illinois LLC owners can amend the following information in their annual report:
- Business address
- Names of members/managers
- Addresses of members/managers
If you need to change your business’s name, duration or purpose, you’ll have to file Illinois LLC Articles of Amendment. To change the name and/or address of your registered agent, see: Change Illinois Registered Agent.