Gov. Bruce Rauner signed legislation 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 today, 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 governor signed the bill in the presence of dozens of small business advocates gathered at Level Office, an LLC that provides shared office space for startups. Level Office began in Chicago and now has facilities across the country.
Some of the changes include:
Item Before Now
LLC Filing Fee $500 $150
Reinstatement $500 $200
Reserved Name Application $300 $25
Annual Report $250 $75
Amendments $150 $50