As a result of its exuberant business climate and high quality of life, the Prairie State has gained a solid reputation as one of the best places to do business.
Putting aside its beautiful forests, national parks, majestic landscapes, and friendly and accommodating locals, Illinois has an economy that is rapidly growing and an awesome business environment. This makes it increasingly attractive to those seeking to start a business there.
How much does it cost to register a business in Illinois?
It’s actually quite reasonable! In terms of business registration costs, it is not as expensive as some states, but it isn’t quite as expensive as some others.
I’d like to provide an overview of the costs associated with registering a company in Illinois, including LLCs, incorporated companies, partnerships, non-profits, and other types of corporations.
Cost to register a business in Illinois
What is the cost to register a business in Illinois?
Starting and registering a business in Illinois can involve forming any of two types of companies (most common):
- Illinois Limited Liability Company (LLC)
- Illinois Incorporated Company (Inc.)
Besides limited liability companies and corporations, other types of structures include sole proprietorships, limited partnerships, and non-profits.
In the U.S., the registration fee and renewal fee differ by state, so it is important to keep that in mind when registering your company. You will also have to determine the specific costs depending on the business structure you choose.
In order for your Illinois business to be legally formed and filed, you may need to hire a business formation and filing service company. They can do that for an affordable fee. In addition, they will make sure your business is legally registered and compliant with Illinois law once it has been established.
How much does it cost to register a company in Illinois?
- $150 for the initial registration of an Illinois LLC
- Initial Registration Fee for Illinois Corporations: $150
- $50 for Illinois non-profits registering for the first time
- Foreign LLC Initial Registration: $150
- (For out-of-state LLCs to do business in Illinois, foreign qualifications must be obtained)
- The initial registration fee for foreign corporations is $150
- (In order to do business in Illinois, an out-of-state corporation needs a foreign qualification).
- A limited partnership (LP) must register for $150 at its first meeting
- Limited Liability Partnership (LLP) Initial Registration: $150
Initiating a sole proprietorship does not have a set price and it varies according to the type of business you are establishing.
There are several optional fees that the Illinois Secretary of State offers, which are not included in the costs of registering a business in Illinois. Your wish to register any of the above types of businesses within 24 hours, you must pay an additional expedited fee. If you need expedited service for a nonprofit organization, you will need to pay $25 extra. If you need expedited service for another business type, you will have to spend $100 extra.
What is the cost of renewing a company in Illinois?
A business entity or company in Illinois must file an annual report in order to continue doing business in the state. A typical annual report includes a letter from the CEO, financial information, and goals and objectives for the next year.
Renewal fees for Illinois businesses:
- LLC fees in Illinois are $75 (plus $50 for expedited service).
- A corporation must pay an annual fee of $75 (expedited fee of $50) to form in Illinois
- There is a $10 annual fee plus a $1 filing fee for Illinois non-profits
- For Limited Partnerships (LPs), the annual fee is $75 (plus a $50 expedited fee).
- In the case of a Limited Liability Partnership (LLP), there is an annual fee of $75 and an expedited fee of $50.
- There is a $75 annual fee for a Limited Liability Limited Partnership (LLLP) (50 dollars for the expedited process).
- If you wish to make changes during the year rather than when you file your annual renewal, you must pay additional fees beyond the above minimum fees.
- Other Illinois Secretary of State Filing Fees
- The Secretary of State charges a variety of fees for Illinois businesses and soon-to-be businesses.
- $50 for amendments
- A conversion statement for $50 has been prepared
- Statement of termination: $5
- Articles of Merger: $100/entity $50
- Articles of Revocation or Dissolution: $200
- Application to Reserve a Name: $25
- Resignation of Registered Agent: $5
- Statement of Correction: $25
In addition to the late filing fee, there is another important fee to keep in mind. When your business is first established in Illinois, and you file your annual report after the last day of the prior month, you will be charged a late fee. The annual report and any other fees you owe for your business must be filed within the year after it is registered. Therefore, if your business was registered on May 25th, 2022, you need to submit them before or on April 30th, 2023. The earlier you file, the less stress you’ll have at the last minute. Those who file late are charged $100.
Addresses and phone numbers of the Illinois Secretary of State
- Secretary of State
- Jesse White
- 213 State Capitol
- Springfield, IL 62756
- Hours: 8:00 a.m. – 5:30 p.m. CDT
- Website: www.cyberdriveillinois.com
- Email: Email the Illinois Secretary of State
It is necessary to notify the Illinois Secretary of State’s office on the appropriate form and pay a fee if LLCs, Corporations, or Partnerships make certain changes throughout the year, such as amending the Articles of Organization or changing the registered agent, officers, or managing members.