State rolls back LLC fees, slashing filing costs for small businesses

Gov. Bruce Rauner has signed legislation supported by Rep. Nick Sauer that substantially reduces startup, annual filing and other fees for limited liability companies (LLCs), the organizational structure preferred by many of Illinois' 1.2 million small businesses.

The new law will encourage more businesses to form in Illinois rather than go to other states to escape high fees. Effective immediately, the filing fee for new LLCs drops to $150 from $500 and annual report fees drop to $75 from $250. Previously, Illinois charged fees that were among the highest in the nation.

The bill, SB 867, was signed in the presence of dozens of small business advocates gathered at Level Office, an LLC that provides shared office space for startups.

Department of Commerce and Economic Opportunity Director Sean McCarthy said reducing LLC fees sends a positive signal.

"We support businesses that are looking to grow, invest and create new jobs in our state, regardless of their size," McCarthy said. "SB 867 helps alleviate unnecessary burdens to allow Illinois businesses to thrive."

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