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Illinois Business Entity Annual Maintenance

ECS Article - Mission-Critical Services...Illinois Business entity annual Maintenance

Any business entity that is formed in Illinois, or is doing business in Illinois, is subject to certain annual reporting and record-keeping requirements. While often times these requirements are skipped over as they are seen as burdensome and providing no immediate benefit, it is important to understand the requirements and how they affect your business.

Annual Reports

Illinois requires any business formed in Illinois or doing business in Illinois to file an annual report. This applies to most types of entities, including C-Corporations, S-Corporations, Limited Liability Companies and Non-Profits. This report is required to be filed by the first day of the entity’s anniversary month (either the month of formation or the month where a certificate of authority was filed), however it can be filed up to sixty days prior to the anniversary date, and can be filed either via paper form or electronically.

If the annual report is not filed on time, your entity will be classified as “not in good standing” with the Secretary of State’s office. Essentially, this means that your entity is delinquent in filing, and may not be provided the same protection and rights it would normally be afforded under the laws of Illinois.