Good news – for those of you who operate a small business in Illinois organized as a limited liability company (“LLC”), this year you’ll notice that fees payable to the Illinois Secretary of State to create, maintain and otherwise manage LLCs have decreased. Senate Bill 867, signed into law by Gov. Bruce Rauner and effective December 20, 2017, provides some financial relief to small business owners who are looking to operate in Illinois. Over the years, more businesses are being created as LLCs to take advantage of some of the flexibility this type of entity provides (see http://www.holmstromlaw.com/entity-selection-in-illinois/ for more information). Historically, Illinois’ LLC-related fees have been among the highest in the nation; however, the legislation is viewed as being “business friendly” in an effort to stimulate economic growth in the state. Included in the fee changes are the following:
For anyone interested in starting a new business, the decreased fees will provide an opportunity to save on start-up costs that may be invested into the business itself.
For more information, please take a few minutes to read the following press releases: