The Attorney’s Role In Filing Your Limited Liability Company’s Illinois Annual Report
THIS IS TIME-SENSITIVE! The State of Illinois Domestic Limited Liability Company Annual Report discussed here is issued once a year and it is important because it involves your business corporation’s continued good standing status in Illinois.
Your Registered Agent has received Annual Report Form. It must be completed each year for your LLC. If it is not filed, there can be late-filing penalties, and eventually the LLC may be involuntarily dissolved. The costs to seek reinstatement can be significant.
When must the Annual Report be filed?
The Annual Report must be filed by the deadline that appears on the upper left-hand corner of the form.
Can you file the Annual Report on your own?
Yes. You can reach out to your Attorney to assist you, or you may access the State of Illinois Business Services Division portal and submit the Annual Report on your own in most cases.
If you would like Marc Sherman to file the Annual Report for your LLC, do the following:
> Review the Annual Report form that you received and confirm that all of the information is still accurate, including spelling of names, addresses, and other information. Inform your Attorney of any changes during the past year prior to the filing with the State of Illinois, including any changes to your LLC Members, issuance of new Member Interests, and changes to the management of the LLC (have you decided to be a “manager-managed” LLC or a “member-managed” LLC or changed the Manager identity?).
> Notify us at least ten (10) days prior to the Annual Report filing deadline that you would like Marc Sherman to file the report on your behalf.
> Provide us with the payment information for the attorney fees and out-of-pocket expenses (this will be provided to you with the Annual Report Form). We will process an e-check or a credit card payment through an Attorney-approved, secure on-line payment portal.
> Confirm your agreement for Marc Sherman to sign the Annual Report form and submit the form on your behalf to the Illinois Secretary of State.
Important: Your Attorney is not responsible for late fees or other charges resulting from an absence of updated information or delay in notification or delay in payment from you. Your Attorney will NOT file the Annual Report if all of the steps are not taken.
One of the important steps for LLC Members, to ensure the limited liability protection, is to be sure that the activities necessary to demonstrate that activities are consistent with the LLC entity status are accomplished. Your Annual Report filing is one of those steps.
Contact Marc Sherman for further information or for assistance at (847) 674-8756 or by email to msherman@mshermanlaw.com.
