The Prairie State has built up a strong reputation over the past several years as having a brilliant business climate and offers an unmatched quality of life.
If you can put to one side luscious forests, national parks, glorious landscapes, and incredibly friendly and accommodating locals, you have a state that is getting progressively more attractive for those looking to register a business in Illinois due to the states’ constantly growing economy and awesome business-environment.
How much does it cost to register a business in Illinois? It is really quite reasonable! Sure, it is not the most affordable state to register a business, but it is not up there with some of the more expensive states either.
Let’s get right into the upfront costs to register a company in Illinois, whether that be an LLC, an Incorporated company, a partnership, a non-profit, or any other type of company or sole proprietor.
What is the cost to register a business in Illinois?
One of the two different types of companies (most common) you may wish to form when starting and registering a business in Illinois are:
- Illinois Limited Liability Company (LLC)
- Illinois Incorporated Company (Inc.)
Of course, there are other types of structures such as sole proprietorship, a limited or general partnership, and non-profit, but the most common two are the limited liability company and corporation.
When it comes to registering your company in the U.S., it is important to be aware that the registration and renewal costs differ depending on which state you decide to register in. The type of business structure you decide on will also determine the specific costs.
If you would like to pay for the services of a formation and business filing services company to register your Illinois business the right way, they can do it for an affordable fee that ensures it is done properly and all the correct documents are filed according to the law. They will also take care of all the after-formation procedures so your business is compliant with Illinois law and legally registered.
How much does it cost to register a company in Illinois?
- Illinois LLC Initial Registration: $150
- Illinois Corporation Initial Registration: $150
- Illinois Non-Profit Initial Registration: $50
- Foreign LLC Initial Registration: $150
(this is so an out-of-state LLC can obtain a foreign qualification to do business in Illinois)
- Foreign Corporation Initial Registration: $150
(this is so an out-of-state Inc. can obtain a foreign qualification to do business in Illinois)
- Limited Partnership (LP) Initial Registration: $150
- Limited Liability Partnership (LLP) Initial Registration: $150
- Sole Proprietorship Initial Registration: There is no set registration fee and it varies based on the type of sole proprietor business you are setting up.
The costs to register a business in Illinois noted above are the total fees you must pay but do not include several optional fees that are offered by the Illinois Secretary of State. For example, when you file for any of the above business types, there is an additional expedited fee you can pay to have your new business registered within 24 hours. For nonprofit organizations, you will have to pay an additional $25 for expedited service, and for all other business types, it will cost you an extra $100.
How much does it cost to renew a company in Illinois?
According to Illinois law, any company, or business entity wishing to continue doing business in the state of Illinois must file an annual report. Annual reports usually include information such as a letter from the CEO, financial and tax information, objectives and goals for future years, and performance highlights.
Annual Fees to renew your business in Illinois:
- Annual Fee for an LLC in Illinois: $75 (expedited fee of $50)
- Annual Fee for a Corporation in Illinois: $75 (expedited fee of $50)
- Annual Fee for an Illinois Non-Profit: $10 + $1 filing fee
- Annual Fee for a Limited Partnership (LP): $75 (expedited fee of $50)
- Annual Fee for a Limited Liability Partnership (LLP): $75 (expedited fee of $50)
- Annual Fee for a Limited Liability Limited Partnership (LLLP): $75 (expedited fee of $50)
The above annual reporting fees for businesses are the minimum you must pay, and there are optional fees and additional state fees a business entity may need to pay should you wish to make changes during the year, rather than when your annual renewal is filed.
Other Illinois Secretary of State Filing Fees
As a business owner or soon-to-be owner of an Illinois company, you should be aware of the other various fees that are charged by the Secretary of State.
- Articles of Amendment: $50
- Statement of Conversion: $50
- Statement of termination: $5
- Articles of Merger: $100 $50/entity
- Articles of Revocation or Dissolution: $200
- Application to Reserve a Name: $25
- Resignation of Registered Agent: $5
- Statement of Correction: $25
One of the most important fees to remember is the late filing fee. In Illinois, they impose a late fee if you file your annual report after the last day of the prior month in which your business was first established. For example, if your business was registered on May 25th, 2020, then you would have to file your annual report and any other annual fees before or on April 30th, 2021. You can file earlier to avoid any last-minute stress. The fee charged for late filing is $100.
Illinois Secretary of State Mailing Address and Contact Information
If certain changes are made by an LLC, Corporation, or Partnership throughout the year, such as amending the Articles of Organization or changing the registered agent, officers, or managing members, the Illinois Secretary of State’s office must be notified on the appropriate form and a fee must be paid.