Lowering LLC Filing & Operating Fees: Big Win for Small Business
This legislation would adjust LLC fees across the board to bring them in line with what corporations currently pay. For example, the current filing fee to create a new LLC in Illinois is $500. SB 867 would set it to $150. The current annual filing fee for LLC’s is $250, and SB 867 would lower it to $75. To review the legislation in full and see the adjusted fee rates, click here. Please note that these lower fee rates will take effect upon this bill being signed into law.
The fees associated with filing and operating a limited liability company, or LLC, in Illinois are currently among the highest in the nation. Forming as an LLC is the right choice for many small businesses because it provides the limited liability features of a corporation and the tax efficiency and operational flexibility of a partnership. Lowering LLC fees to match the rates corporations currently pay to operate will help level the playing field for entrepreneurs, encourage new businesses to form in Illinois, and improve the perception of the business climate in our state.
This initiative is about much more than reducing some of the highest LLC fees in the nation – it is about leveling the playing field for small businesses and ensuring the voice of small business is heard and acted upon in Springfield! This victory became possible with the engagement of SBAC members and and a coalition of over fifty local chambers and trade organizations.