Signing of law lowering fees for LLCs called a big day for Illinois' small businesses
Illinois no longer has some of the highest limited liability company (LLC) fees in the nation.
Gov. Bruce Rauner's signing of SB867 Wednesday drops LLC fees by hundreds of dollars, a welcome measure according to Elliott Richardson, president and co-founder of the Small Business Advocacy Council, a nonpartisan organization based in Chicago.
“Today is a very, very big day for the Illinois business community and entrepreneurs," Richardson said at a news conference. "When Gov. Rauner signs SB867 we will lower some of the highest LLC fees in the nation. ... Other fees are going to be reduced and this is going to level the playing field for small businesses.”
The measure immediately lowers LLC startup fees and lowers LLC annual renewal costs from $250 to $75.
Richardson thanked the primary sponsor of the bill, Sen. Tom Cullerton (D-Villa Park), and co-sponsor Rep. Carol Sente (D-Vernon Hills) for their efforts. He also expressed gratitude to Bill Bennett, owner of the Chicago-based Level Office, an LLC that creates startup business space in Illinois and other states, where the news conference was held.
“We exist for the context of this bill,” Bennett said. “There are over 1,000 small businesses and entrepreneurs in this space and this bill helps make their life better, easier, simpler and less costly to form and grow a small business in Illinois.”
Over 98 percent of employers in the state are classified as small businesses, according to Bennett, who added small businesses are the backbone of Illinois neighborhoods and communities.
“They are the growth engine of our economy as Elliott said,” Bennett added. “I just want to thank the governor and everybody involved, and next time you run into a small business owner, thank them for helping grow our state and our economy.”
Other LLC fee reductions include the Reinstatement Fee from $500 to $200; Reserved Name Application from $300 to $25; Amendments from $150 to $50; and Name Transfer from $100 to $25.
Lt. Gov. Evelyn Sanguinetti said what makes her most happy about SB867 is that when she approached Sente as the chair of the Governor’s Rural Affairs Council it meant a lot to the countryside community to be able to start businesses in Illinois.
“It cultivated our friendship and other pro-business measures and I discovered it not only helps our rural business owners and entrepreneurs, it helps all of Illinois. Simply put, you folks are the ones who take that calculated risk,” Sanguinetti said.