How do I register as a foreign entity in Illinois?

To register a foreign corporation in Illinois, you must file an Illinois Application for Authority to Transact Business in Illinois with the Illinois Secretary of State, Department of Business Services. You can submit this document by mail or in person.

What is the franchise tax liability exemption amount in Illinois?

On or after January 1, 2021 and prior to January 1, 2022, the first $1,000 in liability is exempt from the tax imposed under this Section. On or after January 1, 2022 and prior to January 1, 2023, the first $10,000 in liability is exempt from the tax imposed under this Section.

What is the franchise tax in Illinois?

Illinois imposes an annual franchise tax on both Illinois corporations and non-Illinois corporations for the privilege of doing business in the State. You calculate the corporation franchise tax by multiplying your corporation's paid-in capital by the franchise tax rate of 0.1%.

Do LLCs pay franchise tax in Illinois?

Limited Liability Companies (LLCs) do not pay taxes on their profits. Instead, LLC members are responsible for reporting the financial activity of the LLC on their personal 1040 income tax return. Due to the LLC pass-through taxation, they can pay income taxes on any profits the business earns.

Who needs to pay franchise tax in Illinois?

Each domestic and foreign Illinois Corporation is required to pay franchise tax at the time of filing its first report of issued shares (articles of Incorporation or application for authority) for the privilege of exercising its franchises in the State of Illinois.

How is franchise tax calculated in IL?

This method is based on your total paid-in capital. The first year, multiply your total paid-in capital by . 0015 (. 15%) to get your franchise tax due. Afterwards, multiply your total paid-in capital by . 001 (. 01%) to get your franchise tax due.

What is the maximum franchise tax in Illinois?

The annual and initial taxes have a minimum of $25 and a maximum of $2 million, but the additional tax has no cap.

What is a foreign BCA in Illinois?

Foreign BCA: A corporation organized in another state who is requesting the authority to transact business in Illinois by filing the BCA 13.15 form is considered a foreign corporation in the State of Illinois. This does not refer to a company from another country.

Get Cumulative Changes Shares 2014-2025

, IL 62756 217-782-1837 www.cyberdriveillinois.com Payment must be made by check or money order payable to Secretary of State. Reset Save File #: Franchise Tax: $ Penalty/Interest: $ Filing fee: $5 Total $ Approved: Type or Print clearly in black ink Do not write above this line 1. Corporate Name: 2. S.

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