2023 Illinois Compiled Statutes › Chapter 805 - BUSINESS ORGANIZATIONS › 805 ILCS 5/ - Business Corporation Act of 1983. › Article 16 - Penalties

(805 ILCS 5/Art. 16 heading)
ARTICLE 16.  
		PENALTIES
(805 ILCS 5/16.05) (from Ch. 32, par. 16.05)
Sec. 16.05. Penalties and interest imposed upon corporations.
(a) Each
corporation, domestic or foreign, that fails or refuses to file any annual
report or report of cumulative changes in paid-in capital and pay any
franchise tax due pursuant to the report prior to the first day of its
anniversary month
or, in the case of a corporation which has established an extended filing
month, the extended filing month of the corporation
shall pay a penalty of 10% of the amount of any
delinquent franchise tax due for the report. From February 1, 2008 through March 15, 2008, no penalty shall be imposed with respect to any amount of delinquent franchise tax paid pursuant to the Franchise Tax and License Fee Amnesty Act of 2007.
(b) Each corporation, domestic or foreign, that fails or refuses to file
a report of issuance of shares or increase in paid-in capital within the
time prescribed by this Act is subject to a penalty on any obligation
occurring prior to January 1, 1991, and interest on those obligations on or
after January 1, 1991, for each calendar month or part of month that it is
delinquent in the amount of 2% of the amount of license fees and franchise
taxes provided by this Act to be paid on account of the issuance of shares
or increase in paid-in capital. From February 1, 2008 through March 15, 2008, no penalty shall be imposed, or interest charged, with respect to any amount of delinquent license fees and franchise taxes paid pursuant to the Franchise Tax and License Fee Amnesty Act of 2007.
(c) Each corporation, domestic or foreign, that fails or refuses to file
a
report of cumulative changes in paid-in capital or report following merger
within the time prescribed by this Act is subject to interest on or after
January 1, 1992, for each calendar month or part of month that it is
delinquent, in the amount of 2% of the amount of franchise taxes provided
by this Act to be paid on account of the issuance of shares or increase in
paid-in capital disclosed on the report of cumulative changes in paid-in
capital or report following merger, or $1, whichever is greater. From February 1, 2008 through March 15, 2008, no interest shall be charged with respect to any amount of delinquent franchise tax paid pursuant to the Franchise Tax and License Fee Amnesty Act of 2007.
(d) If the annual franchise tax, or the supplemental annual franchise
tax
for any 12-month period commencing July 1, 1968, or July 1 of any
subsequent year through June 30, 1983, assessed in accordance with this
Act, is not paid by July 31, it is delinquent, and there is added a penalty
prior to January 1, 1991, and interest on and after January 1, 1991, of 2%
for each month or part of month that it is delinquent commencing with the
month of August, or $1, whichever is greater. From February 1, 2008 through March 15, 2008, no penalty shall be imposed, or interest charged, with respect to any amount of delinquent franchise taxes paid pursuant to the Franchise Tax and License Fee Amnesty Act of 2007.
(e) If the supplemental annual franchise tax assessed in accordance with
the provisions of this Act for the 12-month period commencing July 1,
1967, is not paid by September 30, 1967, it is delinquent, and there is
added a penalty prior to January 1, 1991, and interest on and after
January 1, 1991, of 2% for each month or part of month that it is
delinquent commencing with the month of October, 1967. From February 1, 2008 through March 15, 2008, no penalty shall be imposed, or interest charged, with respect to any amount of delinquent franchise taxes paid pursuant to the Franchise Tax and License Fee Amnesty Act of 2007.
(f) If any annual franchise tax for any period beginning on or after
July 1,
1983, is not paid by the time period herein prescribed, it is delinquent
and there is added a penalty prior to January 1, 1991, and interest on
and after January 1, 1991, of 2% for each month or part of a month that
it is delinquent commencing with the anniversary month or in the case of
a corporation that has established an extended filing month, the extended
filing month, or $1, whichever is greater. From February 1, 2008 through March 15, 2008, no penalty shall be imposed, or interest charged, with respect to any amount of delinquent franchise taxes paid pursuant to the Franchise Tax and License Fee Amnesty Act of 2007.
(g) Any corporation, domestic or foreign, failing to pay the prescribed
fee for assumed corporate name renewal when due and payable shall be given
notice of nonpayment by the Secretary of State by regular mail; and if
the fee together with a penalty fee of $5 is not paid within
90 days after the notice is mailed, the right to use the assumed
name shall cease.
(h) Any corporation which (i) puts forth any sign or
advertisement, assuming
any name other than that by which it is incorporated or otherwise
authorized by law to act or (ii) violates Section 3.25, shall be guilty of
a Class C misdemeanor and
shall be deemed guilty of an additional offense for each day it shall
continue to so offend.
(i) Each corporation, domestic or foreign, that fails or refuses (1) to
answer truthfully and fully within the time prescribed by this Act
interrogatories propounded by the Secretary of State in accordance with
this Act or (2) to perform any other act required by this Act to be
performed by the corporation, is guilty of a Class C misdemeanor.
(j) Each corporation that fails or refuses to file articles of
revocation
of dissolution within the time prescribed by this Act is subject to a
penalty for each calendar month or part of the month that it is delinquent
in the amount of $50.
(Source: P.A. 95-233, eff. 8-16-07; 95-707, eff. 1-11-08; 96-1121, eff. 1-1-11.)
(805 ILCS 5/16.10) (from Ch. 32, par. 16.10)
Sec. 16.10. 
		Penalties imposed upon officers and directors. 
		Each officer and director of a corporation, domestic or foreign, who
fails or refuses within the time prescribed by this Act to answer
truthfully and fully interrogatories propounded to him or her by the Secretary of
State in accordance with the provisions of this Act, or who signs any
report or statement filed with the Secretary of State which is known to
such officer or director to be false in any material statement or
representation, commits a Class C misdemeanor.
(Source: P.A. 84-924.)