Illinois Legislature Extends IDFPR Entity Registration Cycle to Three Years
The ICS recently published a series of articles about how to choose and maintain a business structure to operate a physician practice. The ICS noted that entity owners must separately register medical corporations, professional services corporations (PSCs) and professional limited liability companies (PLLCs) with the Illinois Department of Financial and Professional Regulation. As discussed, this registration is in addition to the entity formation with the Secretary of State and in addition to the licensure of individual professionals who provide services through the practice.
Previously, each entity license expired on January 1 of each year (regardless of the date of formation or initial IDFPR registration). Renewals were required annually and were effective for one year until the following January 1. The law was recently amended so that each entity registration (license) issued or renewed on January 1, 2019, is effective until January 1, 2022, and each subsequent renewal is effective for three years. The fee for registration renewal for a medical corporation, PSC, or PLLC, is $40 for the full three-year period. As with individual licenses, the IDFPR will open entity registration renewals online in the months just prior to January 1, 2022. This change should come as welcome news to those who are responsible for maintaining a business entity.
The ICS has revised its article on maintaining business structures to reflect the longer renewal cycle for these business organization registrations here.