Rauner signs bill to roll back LLC fees

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CHICAGO (WAND) - It is now more affordable to start and own a small business in Illinois. 

On Wednesday, Gov. Bruce Rauner signed a legislation that reduces start-up and annual fees for Limited Liability Companies (LLC's). The organization supports over 1.2 million small businesses in Illinois. 

The new drops new filling fees from $500 to $150 and drops annual report fees from $250 to $75. Previous fees were among the highest in the nation. 

“Small businesses are the engines of our economy, our job creators who employ the majority of new workers in our state each year,” said Lt. Gov. Evelyn Sanguinetti, who chairs the Governor’s Rural Affairs Council. “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. This is especially important for our small towns because we need more small businesses in rural Illinois to drive their economies and create jobs.”

The bill was signed by Rauner in front of several small business advocates in Chicago. 

“This is a clear win for business in Illinois,” Rauner said as he penned the legislation into law to rounds of applause.

Some of the changes include the following: 

Item

Before

Now

LLC Filing Fee

$500

$150

Reinstatement

$500

$200

Reserved Name Application

$300

$25

Annual Report

$250

$75

Amendments

$150

$50

Name Transfer

$100

$25

Current Conditions
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