What is an Illinois BCA?

BCA. BCA is the acronym for Business Corporation Act of Illinois. When you see BCA Corporation, it means a corporation registered with Illinois pursuant to the Business Corporation Act of 1983, as amended. By-Laws. ByLaws spell out how your company will operated.

How do I fill out the Illinois corporate annual report?

Here’s a complete list of everything you’ll need to include, verify, and/or update on the Illinois Annual Report:

Business file number.
Business name.
Registered agent name and address.
Business address.
State or country of formation.
Date of formation or registration in the state.

How is Illinois franchise tax calculated?

ALLOCATION FACTOR = b + d = (to the 6th decimal place) divided by a + c = allocation factor. Multiply the allocation factor by the paid in capital and then by . 0015. The final number is your franchise tax.

How do I fill out Articles of Incorporation in Illinois?

The articles must include the corporate name; the name and street address of an agent for service of process; its purpose; the number of shares the corporation is authorized to issue and the consideration (money or property) the corporation will receive for the shares; and the names and addresses of the incorporators.

What is a BCA Corporation?

What is an Illinois annual report?

What Is an Illinois Annual Report? An Illinois Annual Report must be filed every year to keep the LLC in good standing and compliance if you own an LLC in the state of Illinois. LLCs have the option of filing their Annual Report online or by mail.

How much is Illinois corporate annual report?

Illinois Corporate Annual Report (Domestic & Foreign) Filing Fee: $75 + minimum $25 franchise tax. Domestic corporations may file online for a $50 expedite fee.

Who is subject to Il franchise tax?

The Corporate Franchise Tax is essentially a fee that businesses must pay to the Illinois Secretary of State for the privilege of doing business in the State of Illinois and it is calculated based upon either the value of the corporation’s property or based upon the corporation’s total Paid-in Capital.

Does Illinois have a minimum franchise tax?

Illinois’ franchise tax is actually three separate taxes, all based on paid-in capital. The annual and initial taxes have a minimum of $25 (over and above the $75 annual report filing fee) and a maximum of $2 million, but the additional tax has no cap.

Is Llc an S corp?

An LLC is a type of business entity, while an S corporation is a tax classification. (You can form an LLC and choose to be taxed as an S corporation, but your business can also operate under the default taxation system for LLCs.)