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.
“This is a step in the right direction for our small businesses,” Rauner said. “The new rates are more competitive with other states. By easing the fee burden for LLCs here, we are sending a message to entrepreneurs and small business owners in Illinois: Start here and stay here.”
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.
“This is a clear win for business in Illinois,” Rauner said.
Some of the fee changes include:
LLC Filing Fee
Reserved Name Application