![]() To make it easier, we’ve compiled and shared below a list of annual report filings (state by state) for your convenience. ![]() ![]() Who has time to stay on top of everything?! Ferreting out states’ specific requirements can prove a daunting task-especially with so many other tasks to juggle when starting and growing a company. ![]() And some Secretary of State (or comparable agency) offices may require these types of reports to be filed according to different timeframes (e.g., biennial and decennial reports).įiguring out the reports they must file and the deadlines they must meet can become frustrating for busy small business owners. Your series organization will submit a single annual report each year, though the report’s filing fee will go up $50 for each child series within your Illinois Series LLC.Many state governments require LLCs, Corporations, and other registered business entities to file annual reports each year. This is one of the main advantages an Illinois Series LLC has over starting multiple, independent LLCs in Illinois. Do I have to submit an annual report for each series within my Series LLC? The annual report for an Illinois Series LLC costs $75 for the master series and an additional $50 for each child series, and it must be submitted annually before the first day of the month in which your organization was formed. You can submit your Series LLC’s annual report online at the Illinois Secretary of State’s website. The annual report updates (or merely confirms) your Series LLC’s information on the state’s records, including your registered agent information among other details. Be sure to call the bank ahead of time, explain your situation, and confirm that the bank will open separate bank accounts for each individual series.Īs with ordinary LLCs, Illinois requires Series LLCs to submit an Illinois annual report to remain in good standing with the state. Many banks are unfamiliar with the Series LLC business structure and may not understand why the series within your Illinois Series LLC need separate bank accounts. Opening separate bank accounts (and keeping separate finances) is crucial to maintaining each series’ limited liability, so it isn’t a good idea for your parent LLC and its individual series to share the same bank account.įair warning: it may not be easy. Should I open separate bank accounts for each series? If your Illinois series LLC has multiple members, you may also want to bring an LLC resolution to open a bank account that states that the person going to the bank is authorized by the members to open the account in the name of the LLC.
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