From Illinois Business Journal news services
SPRINGFIELD – The cost of starting a business would be reduced under new legislation backed by state Rep. Dan Beiser, D-Alton, reducing the fees associated with establishing and maintaining limited liability companies in Illinois.
“Business owners take on a lot of responsibility and liability when they open and manage their own company,” Beiser said. “For years lawmakers have talked about how we can help business owners and make Illinois more business friendly. It is time to put in place commonsense reforms, like this one to reduce costs companies, to help businesses grow.”
Establishing an LLC is often preferred over creating a corporation for small businesses because of the flexibility and protection that is provides to its owners, but the associated fees can be prohibitive for many small and medium-sized businesses in Illinois. House Bill 325 – which Beiser is sponsoring – reduces the filing fees for LLCs to match those for corporations. Under the proposal the cost of organizing an LLC would be reduced from $500 to $150.
“Small businesses employ over 98 percent of residents in Illinois,” Beiser added. “The work these business owners do enriches our communities and jobs they create are vital to our local and state economy. It is our responsibility as lawmakers to make sure there are policies in place to make it easier for companies compete and succeed in Illinois.”