Am I in serious trouble for waiting6 months to register my corporation with the Secretary of State?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Am I in serious trouble for waiting6 months to register my corporation with the Secretary of State?

I am an IL resident and set up a DE LLC. I started accepting compensation back in 08/10 up until now. I just found out that I need to register my corporation with the IL Secretary of State. One question that shows up on their form is have I been transacting business and if so, when did I start. Is there some huge penalty I will have to pay for not registering my corp sooner? I haven’t made anything over $6,000 since August. Am I in big trouble?

Asked on February 1, 2011 under Business Law, Illinois

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

Usually no it is not a big trouble issue in most states.  They ask to determine if you need to be subject to possible business tax contributions.  You do need to be registered as a foreign corporation in any state from which you conduct or accept business.  This concerns the commerce clause mostly. Call the Illinois Secretary of State, explain what happened and see what you can do to sort it out.  You may need to file taxes in Illinois so be sure to check with your accountant.  Every state is different in terms of the extent of its enforcement authority and its ability to file direct enforcement actions against entities.  It doesn't appear your actions were deliberate or malicious, but you will need to make it right and be honest before it does impact your registration in other states.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption