Rep. Keith Wheeler speaks at the bill signing ceremony for SB 867.
CHICAGO – State Representative Keith Wheeler (R-Oswego) announced today that the State of Illinois has substantially reduced startup, annual filing and other fees for limited liability companies (LLCs), the organizational structure preferred by many of Illinois’ 1.2 million small businesses, after speaking at Wednesday’s bill signing ceremony for Senate Bill 867, legislation which he co-sponsored in the Illinois House of Representatives.
The new law will encourage more businesses to form in Illinois rather than go to other states to escape high fees. Effective today, the filing fee for new LLCs drops to $150 from $500 and annual report fees drop to $75 from $250. Previously, Illinois charged fees that were among the highest in the nation.
“Today marks a significant step toward making Illinois a more attractive and welcoming place for innovators and entrepreneurs to start a business,” Representative Wheeler said. “By reducing the litany of state fees, we are making it easier for new start-ups to contribute to our economy faster and create Illinois jobs for Illinois families.”
Some of the fee reductions contained in the new state law include:
|LLC Filing Fee||$500||$150|
|Reserved Name Application||$300||$25|
Senate Bill 867 was passed by the Illinois House of Representatives on May 31 in a near-unanimous bipartisan vote, with Representative Wheeler serving as a co-sponsor.
Representative Wheeler serves the 50th District, which includes portions of west suburban Aurora, Batavia, Geneva, Campton Hills, Elburn, Montgomery, Oswego, Plano, St. Charles, Sugar Grove and Yorkville.
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