A win for small business and entrepreneurship! Illinois passes a law reducing fees to start and operate businesses to begin the new year!
A lot has been written about the uncompetitive business climate in Illinois. Among some of the criticisms are the government fees charged to begin a corporation and limited liability companies. As a result of Illinois Senate Bill 867, just recently signed by Governor Rauner, the formation, and annual filing fees chargeable to limited liability companies (LLC) has been dramatically reduced. For example, to organize an LLC required a payment of $500 in 2017 and prior years and now beginning on January 1, 2018, the fee is $150. LLC filing fees for annual reports have been reduced from $250 to $75. This is a long overdue development that has been the subject of criticism for some time.
You can read the full press release and updates to fees at the link below. If you or someone you know is interested in forming a business, contact our office to schedule a consultation to discuss various types of entity ownership.