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Category: Legal
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Experience:  Civil litigation attorney for individuals and businesses.
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I have a llp in illinois and missed filling certificate of

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I have a llp in illinois and missed filling certificate of existence. Business has not made and profit and am thinking about ending business. I have been paying old debts and filing taxes on time each year. Is there a penalty for not filling certificate of existence. Business has not been operating for years.

William B. Esq. :

Dear Customer, to remedy the lapse in licensing, you need to file an application for reinstatement, and file annual reports for the years that you did not file (for assistance, contact information, and forms, here is the "How Do I" for the Illinois Secretary of State - go to the question marked "reinstate a corporation" - but note that the annual reporting forms will likely be different as you have an LLP. (I would advise contacting the Secretary of State's direct help line to see what specific forms they are requesting, but in all but a few unique circumstances, there is no significant legal repercussions from this lapse in filing. http://www.cyberdriveillinois.com/departments/business_services/howdoi.html

William B. Esq. :

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Customer:

Thanks, XXXXX XXXXX going to file taxes this year and noticed our filling for certificate of existence expired back in 2008. As I mentioned earlier we have been filling taxes with no problems. I was just wanted to make sure we didn't do anything wrong. The business hasn't made any money but it things turn around in the next few months we may be able to start back. It is an online store for supplements.

William B. Esq. :

You should be okay. While filing is important to keep your business status, if you go through the steps to reinstate your business you should not have any problems.

Customer:

Ok thank you very much, I have kept all my forms and tax returns over the years and and never missed filling both federal and state.

William B. Esq. :

It sounds like you should have everything necessary to get the business status back in order, many businesses run into trouble when other records are missing or were never kept.

Customer:

I know just the past few years have been a little tough for small at home businesses. But we will kept at it.

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