Online filings must be paid with a credit card. Signature, title, and name of person filing the annual report. ![]() Officer/director or member/manager names and addresses.Ĭorporation stock information: include class, series, par value, and total number authorized and issued.įranchise tax calculation – corporations only. There is a $25 filing fee.ĭate of formation or registration in the state. If you need to update your registered agent, you’ll need to file a Statement of Change of Registered Agent and/or Registered Office. ![]() You can’t change or update your Illinois registered agent by filing an annual report. You can find your file number by searching the Illinois Business Database. Here’s a complete list of everything you’ll need to include, verify, and/or update on the Illinois Annual Report:īusiness file number. The form will automatically download onto your computer. Go to the Publications/Forms page on the Illinois Secretary of State website. Select the “File” button at the bottom of the page. Go to the Business Services page on the Illinois Secretary of State website. Your LLC has been administratively dissolved or revoked.There have been changes in authorized shares, issued shares, and/or paid in capital.Your corporation has seven or more officers/directors.You have a foreign corporation or nonprofit.You can only file by mail if any of the following is true: Filing Your Illinois Annual ReportĪlthough most Illinois Annual Reports can be filed online or by mail, there are a few exceptions you’ll need to consider. So in 2020, if either calculation method (allocation or paid in capital) results in an amount less than $30, then your total franchise tax due will be $0. Illinois Annual Franchise Tax Exemptions Amount What does that mean for you? Well, until 2024, you’ll still need to pay it, BUT each year a specific amount will be exempt – see the chart below. Now, for some good news! As of January 2020, the state of Illinois began the process of eliminating the franchise tax. The first year, you’ll pay 0.15% of your total paid in capital. (d) total gross assets earned from business conducted in Illinois during the previous fiscal year.Ģ) Paid-in-Capital: This method is based on the amount of money your business earns from its shareholders in exchange for stock. (c) total gross assets earned during the previous fiscal year (all locations). (b) total value of property owned in Illinois. (a) total value of property owned (anywhere). Here’s a quick breakdown of both options:ġ)The Allocation Factor: To use this method, you’ll need to know your corporation’s total gross assets and revenue.Īllocation Formula: b+d divided by a+c = your franchise tax The state of Illinois offers two ways of calculating your total franchise tax – and encourages businesses to use the process that results in the smallest amount due. How do I calculate my Illinois Franchise Tax? All other entities are exempt from the franchise tax. Only Illinois corporations pay the franchise tax. Do I need to pay an Illinois Franchise Tax? LPs won’t be charged a penalty fee however, they may be administratively dissolved if no report is filed 60 days after their due date.ĭon’t remember when you formed your business? You can easily look up your anniversary month by searching the Illinois Business Database. Nonprofits will pay an additional $3 and LLCs an additional $100. Corporations will be assessed 10% of the total franchise tax due. Late Fees: The penalty for failing to file an annual report and/or paying your franchise tax varies by entity. Nonprofits, Cooperatives, and Religious Corporations Illinois Annual Report and Franchise Tax Due Dates and Feesīefore the first day of your anniversary month ![]() The following instructions will guide you through the process of filing your Illinois Annual Report. ![]()
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