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Illinois has recently become a much more business-friendly state.

Prior to the new legislation, Illinois was one of the most expensive states to operate an LLC.

It used to cost $500 in filing fees to form an LLC in Illinois, and $250 to pay annual report filing fees. And if you wanted the convenience of filing online, the prices were even higher.

As of December 2017, the new filing fee for forming an LLC in Illinois is $150. And it now only costs $75 to file the annual report each year. (Be careful, Illinois still charges “expedited fees” if you file the forms electronically ($250 total to form the LLC, $125 total to file an annual report.)

Click here to see a list of all of the price changes that went into effect under the recent legislation change.

If you form an LLC in Illinois, don’t forget about the annual report requirement!!

Like most states, Illinois requires that LLCs file an annual report each year. We have talked to many business owners who have neglected to file these reports in time.

The penalty for not filing your annual report on time is steep. The penalty fee is a whopping $300, which doesn’t include the filing fee. So you want to get this right.

Be careful with marking the annual report deadlines on your calendar. The annual report is due each year by the first day of the month in which your LLC was created. For example, if your LLC was created on April 20, then your report would be due by April 1. Here is the link to the form you need to complete and mail. Again, save your business money by mailing in the form instead of filing online and having to pay an additional $50 “expedited fee.” Unless, of course, you find yourself in a last-minute situation and need to submit the application ASAP (available here).

If you’d like assistance with forming an LLC in Illinois, call or text us at 800-205-4125 or email us at hello@indielaw.com.