Starting December 20, 2017, the fees to start and maintain a Limited Liability Company (LLC) in Illinois have dropped significantly, and in most cases, now match those for a corporation. Before, the fee for filing an LLC was $500. Since Governor Rauner signed SB 867, it is now $150. The fee for the annual report also dropped from $250 to $75.
This legislation is an attempt to encourage small business growth in Illinois. According to Governor Rauner, “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.”
Do you have questions about starting an LLC in Illinois? Do you already own a small business and want to discuss your options for the future? Call the lawyers at Erickson, Davis, Murphy, Johnson & Walsh, Ltd. at (217) 428-0948 to learn more.