The procedure for renewing a limited liability company's assumed name is a simple step-by-step process that can be completed in about a minute.
Companies that can renew on-line:
Both domestic and foreign limited liability companies having no more than two assumed names may renew one or both of the assumed names electronically, provided none of the exclusions set forth in the next paragraph apply. Companies that are not in good standing will be required to pay the late filing penalty mandated by Section 1-20 of the Limited Liability Company Act.
Companies that can not renew on-line:
Limited liability companies that:
- have more than two assumed names;
- have been dissolved, either voluntarily or administratively, that have been revoked or effected a voluntary withdrawal, or that have expired; or
- must execute the renewal through the use of "layered signatures" or by power of attorney. All documents executed by power of attorney must be accompanied by a copy of the authorization.
All assumed name renewals, whether filed electronically or on paper, must be signed by a manager, or if there are no managers, by a member. As indicated earlier, any renewal requiring execution by use of "layered signatures" or by power of attorney cannot be done electronically but must instead be completed on the paper version of form LLC-1.20.
Limited liability companies that are not in good standing may still renew an assumed name providing certain criteria is met. First, filing of the delinquent Annual Report must precede the renewal. Second, the $100 per name late filing penalty mandated by Section 1-20 of the Limited Liability Company Act applies when an assumed name is not renewed prior to the first day of the anniversary month. Note that the Act contains no provision for the waiver or abatement of the penalty.
Any assumed name of a limited liability company renewed electronically will be considered an original filing even if an earlier paper version was submitted and then returned by the Secretary of State for revision by the company. Therefore, in addition to the renewal fee any penalty incurred as of the current date must be paid at the time of filing the renewal.
Payment of fees
Payment of fees due in connection with the on-line renewal of an assumed name may only be made by using an electronic fund transfer or a Visa, MasterCard, Discover or American Express credit card. Payment of all fees due is required during the electronic filing process. If payment by electronic fund transfer is ultimately denied, the renewal of the assumed name(s) will be voided and the event treated as though never occurring.