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What Forms Must I File with the State of Illinois for My Business Entity

Wednesday, January 16, 2019   (0 Comments)
Posted by: Adrienne J. Hersh, J.D.
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What Forms Must I File with the State of Illinois Each Year to Keep my Corporation/LLC Legal?

 

Q:  As the owner of a medical corporation, professional service corporation or limited liability company (LLC), what forms must I file with the State of Illinois each year to keep my entity and IDFPR registration active?

Owners of medical corporations, professional service corporations and limited liability companies must file each year: 
1) Annual Reports with the Illinois Secretary of State; and 
2) Renewal forms of the entity’s registration with the Illinois Department of Financial and Professional Regulation (IDFPR).


The Secretary of State Annual Report form is different for corporations versus LLCs.  Therefore, first determine the type of entity and follow the instructions for that entity below:

Medical Corporations and Professional Service Corporations Annual Reports—Secretary of State
The annual report form is called Illinois Secretary of State Domestic Corporation Annual Report (annual report), Form BCA 14.05, which may be found at:
http://www.cyberdriveillinois.com/publications/pdf_publications/bca1405d.pdf

Most corporation annual reports may be filed online.  For a link to electronic filing and for a list of exceptions to permitted online filing for corporations, see:   https://www.cyberdriveillinois.com/departments/business_services/annual_reports/corp_instructions.html.  Annual reports may also be filed by mailing or delivering a hard copy to the Office of the Secretary of State at Department of Business Services, 501 S. Second, Room 350, Springfield, IL 62756.

The corporation annual report form asks for general information, such as corporate name and address, registered agent and names and addresses of officers and directors.  The report must be submitted with payment of the yearly filing fee of $75, plus “franchise tax” in an amount based on paid-in capital (a calculator is included on the form).  The minimum additional amount is $25, for a total minimum fee of $100.

The form is due for each Illinois corporation yearly on the first day of the month of the anniversary of incorporation.  This means that the annual due dates are “rolling,” depending on the month in which the corporation was originally formed.  You can find the date of incorporation on the corporation’s Articles of Incorporation or on the corporate search page of the Secretary of State’s website at: https://www.ilsos.gov/corporatellc/.

Limited Liability Company (LLC) Annual Report—Secretary of State
The annual report form is called Illinois Limited Liability Company Act Annual Report (annual report), Form LLC-50.1, which may be found at: https://www.cyberdriveillinois.com/publications/pdf_publications/llc501.pdf

Most LLC annual reports may be filed online.  For a link to electronic filing and for a list of exceptions to permitted online filing for LLCs, see
https://www.cyberdriveillinois.com/departments/business_services/annual_reports/llc_instructions.html

Annual reports may also be filed by mailing or delivering a hard copy to the Office of the Secretary of State at Department of Business Services, 501 S. Second, Room 350, Springfield, IL 62756.

The LLC annual report form asks for general information, such as LLC name and principal office address, registered agent name and address, and names and addresses of managers.  The report must be submitted with payment of the filing fee of $75.

The form is due for each Illinois LLC yearly on the first day of the month of the anniversary of organization.  This means that the annual due dates are “rolling,” depending on the month in which the LLC was originally formed.  You can find the date of organization on the LLC’s Articles of Organization or on the corporate/LLC search page of the Secretary of State’s website at: https://www.ilsos.gov/corporatellc/CorporateLlcController.

Renewal of IDFPR Registration—Medical Corporations, Professional Service Corporations & Limited Liability Companies
After formation by the Secretary of State, owners of medical corporations, professional service corporations and LLCS also must register the entity with the Illinois Department of Financial and Professional Regulation (IDFPR).  The initial registration fee is $50.  The IDFPR issues the entity its own license that is in addition to the professional license of the entity owner or owners.  This registration (license) must be renewed each year. 

All IDFPR entity registrations expire on January 1 of each year, regardless of the date on which the registration was first issued by the IDFPR.  Therefore, owners must file a renewal application each year prior to January 1.  The fee for renewal is $40, plus a small service fee for credit card transactions.

Entity registration may be completed online at https://www.idfpr.com/Renewals/defaultSSL.asp.  The link will allow renewal starting approximately 2-3 months prior to January 1 each year. 


Note: Certain responses to one or more of the questions asked on the renewal application may prevent renewal of the license through the online credit card system.  If you cannot renew online, you must renew by mail. If you do not have a copy of your renewal application, you may print it from the internet. You may also have a printed copy mailed to you by contacting IDFPR at 1-800-560-6420 or mailing your request to IDFPR, 320 W. Washington, 3rd floor, Springfield, IL 62786. Full instructions for renewals may be found at:  https://www.idfpr.com/Renewals/defaultSSL.asp

 

If this is your first time registering, you will have to create an account for Business purposes, as your personal account for your license will not work. Use the following links for that purpose:

LLC: https://www.idfpr.com/profs/pfsrvcp.asp

MC: https://www.idfpr.com/profs/MedicalCorp.asp

 

 

 

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