In a move Gov. Bruce Rauner claims will ease the regulatory burden on small businesses, he approved a bill on Dec. 20 that reduces the fees limited liability companies (LLCs) must pay to conduct business in the state.
Under the new rules, businesses will get a $350 break on filing for a new LLC, bringing the former $500 fee down to $150. The new fee to file an annual report for an LLC is now $75, down from $250, according to a press release from Rauner’s office.
The move is being hailed by small business advocates and Lt. Gov. Evelyn Sanguinetti, who leads the Rural Affairs Council.
“Small businesses are the engines of our economy, our job creators who employ the majority of new workers in our state each year,” Sanguinetti said in the release. “We need to keep them here and help them grow, and this legislation will reduce their costs and make us more competitive with surrounding states.”
Before the fee rollback, Illinois was one of the most expensive states in which to launch an LLC, the release said.
“This bipartisan initiative is about much more than reducing some of the highest LLC fees in the nation,” Elliot Richardson, CEO of the Small Business Advocacy Council, said in the release. “It is about leveling the playing field for small businesses, encouraging new businesses to form in our state, and growing our way toward economic stability.”
Legislators welcomed the bill, citing it as a necessary reform to boost jobs and the economy.
“It’s about time,” Rep. Mark Batinick (R-Plainfield), a House co-sponsor, said in the release. “This should be just the first step of many to make Illinois a more business-friendly place.”
