Date: Monday, April 14, 2014
Business groups applaud Illinois Senate for passing bill to lower LLC filing fees
The Small Business Advocacy Council (SBAC) is joining forces with business groups across the state to applaud the Illinois Senate for passing SB 2776, which will lower Illinois limited liability company (LLC) filing fees from $500 to $39, and is calling on the Illinois House to support small business by passing the legislation.
LLC filing fees in Illinois are the highest in the nation, while filing fees from neighboring states range from $40 to $170. Reducing the state’s fee to $39 will make Illinois the least costly state in the nation to form a LLC. The legislation also decreases the fee for establishing a Series LLC from $750 to $59.
I support SB 2776 because it will encourage more entrepreneurs to form their businesses in Illinois, said Illinois Secretary of State Jesse White. This is a business friendly measure.
An LLC is a type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.
Small businesses are powerful engines of economic growth in our state, employing 48 percent of the private-sector workforce, said Senator Heather Steans and SB 2776 Illinois Senate sponsor. Anything we can do to make it easier and less expensive to start a new business is a boon to entrepreneurs, job seekers and the entire economy.
“I’m pleased to work on improving Illinois’ business climate to encourage more of our residents to start and grow businesses.” said State Representative Frank Mautino and SB 2776 Illinois House sponsor.
Illinois™ unreasonably high LLC filing fee hurts entrepreneurs, aspiring small business owners and our local communities, said Elliot Richardson, SBAC CEO. Lowering this fee will encourage entrepreneurship and improve Illinois’ perception in the business community.
The SBAC is leading the Coalition for Lower LLC Fees made up of more than 25 business groups representing thousands of business owners and advocates across the state, including Alsip Chamber of Commerce, American Institute of Architects Illinois Chapter, Belmont-Central Chamber of Commerce, Bronzeville Chamber of Commerce, Central Lakeview Chamber of Commerce, Glenview Chamber of Commerce, Greater Oak Brook Business Leaders, Highland Park Chamber of Commerce, Home Builders Association of Greater Chicago, The Industrial Council of Nearwest Chicago – ICNC, Jewish B2B, Lake County Chamber of Commerce, Lake Forest / Lake Bluff Chamber of Commerce, Lake Kinzie Industrial Business Council, Lakeview Chamber of Commerce, Lincoln Park Chamber of Commerce, Niles Chamber of Commerce & Industry, Northbrook Chamber of Commerce & Industry, Northcenter Chamber of Commerce, Northwest Connection Chamber of Commerce, Orland Park Chamber of Commerce, Quad Cities Chamber of Commerce, Rolling Meadows Chamber of Commerce, Romanian-American Network, Schaumburg Business Association, Skokie Chamber of Commerce and Winnetka-Northfield Chamber of Commerce.
This legislation is right on target for small business expansion and job growth, said Johnny Blair, President of the Bronzeville Chamber of Commerce. It gets the ball rolling in the right direction and provides an incentive for aspiring small business owners to set up shop and create opportunities for folks in our local communities.
About SBAC: The SBAC is a non-partisan, member driven organization that promotes the success of small business through political advocacy, networking, support services and educational programs. For more information, visit www.sbacil.org