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. 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.
How to File Your Illinois Annual Report
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.
Also, an annual report notice will be sent to your registered agent each year. When we’re your Illinois registered agent, we’ll send you notification that your annual report is available for filing, and give you the option to file it yourself or have us file it for you.
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.)
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
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.
If filing by mail, here are the forms you’ll need to use:
|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|
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 is slowly being phased out. As of 2024, this Illinois franchise tax will end. Corporations will still need to file their annual reports, but the accompanying franchise tax filing will no longer be required.
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.
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 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.
In 2023, the first $100,000 of the franchise tax calculated is exempt. This means if you use either calculation method and arrive at a total that is under $100K, you will not owe franchise tax.
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.