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Prairie State Wire

Tuesday, January 21, 2020

Analysis: Despite lower fees, Illinois ranks 13th among states with highest cost to start a business

Business

By LGIS Newsfeed | Jan 9, 2018

Rauner

Illinois state government lowered its fees for forming and maintaining limited liability companies (LLCs). Setting up an LLC now costs $150, down from $500. And maintaining one costs $75, down from $250 per year.

But even at their lower levels, LLC fees in Illinois rank among the highest in the U.S.

Illinois' LLC formation fees are 13th highest in the U.S., more than three times those charged in Kentucky ($40).

Illinois' LLC annual maintenance fees rank 17th; 21 states, including Wisconsin, Michigan, Missouri, Kentucky and Minnesota, charge $25 or less, and nine of those charge nothing.

LLCs, or business partnerships that protect partners' personal wealth, were first allowed in Illinois in 1994. The $500 filing fee was established that year.

There were 122,507 LLCs in Illinois in 2007 and 208,000 in 2013, according to the Illinois Secretary of State.

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Highest LLC formation fees

RankState LLC Formation Fee
1Massachusetts $500
T2Tennessee $300
T2Texas $300
4Alaska $250
5Washington D.C. $220
6New York $200
7Alabama $183
8Washington $180
9Maine $175
10Kansas $165
T11Connecticut $160
T11Minnesota $160
T13Illinois $150
T13Rhode Island $150
T13South Dakota $150
16North Dakota $135
17Wisconsin $130
T18Florida $125
T18New Jersey $125
T18North Carolina $125
T18Pennsylvania $125
T18Vermont $125
23South Carolina $110
T24Missouri $105
T24Nebraska $105
T26Georgia $100
T26Idaho $100
T26Louisiana $100
T26Maryland $100
T26New Hampshire $100
T26Oklahoma $100
T26Oregon $100
T26Virginia $100
T26West Virginia $100
T26Wyoming $100
36Ohio $99
T37Delaware $90
T37Indiana $90
39Nevada $75
T40California $70
T40Montana $70
T40Utah $70
T43Arizona $50
T43Arkansas $50
T43Colorado $50
T43Hawaii $50
T43Iowa $50
T43Michigan $50
T43Mississippi $50
T43New Mexico $50
51Kentucky $40

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Highest LLC annual fees 

RankState LLC Annual Fee
1California $820
T2Massachusetts $500
T2Nevada $500
T4Tennessee $300
T4Washington D.C. $300
T4Maryland $300
T4Delaware $300
8North Carolina $200
9Arkansas $150
10Florida $139
T11Alaska $100
T11Alabama $100
T11New Hampshire $100
T11Oregon $100
15Maine $85
16Washington $81
17Illinois $75
18Pennsylvania $70
19Kansas $55
20New Jersey $53
T21Rhode Island $50
T21South Dakota $50
T21North Dakota $50
T21Georgia $50
T21Virginia $50
T21Wyoming $50
27Iowa $45
T28Vermont $35
T28Louisiana $35
30Indiana $31
T31Wisconsin $25
T31Oklahoma $25
T31West Virginia $25
T31Michigan $25
T35Connecticut $20
T35Montana $20
T37Utah $15
T37Hawaii $15
T37Kentucky $15
T40Nebraska $10
T40Colorado $10
41New York $9
T42Texas $0
T42

Minnesota $0
T42

South Carolina $0
T42

Missouri $0
T42

Idaho $0
T42

Ohio $0
T42

Arizona $0
T42

Mississippi $0
T42

New Mexico $0

*Source: LLCUniversity.com

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Illinois Secretary of StateIllinois Governor Bruce Rauner

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