DES PLAINES—Entrepreneurs in Illinois will immediately see lower fees to start and maintain their business thanks to a new law co-sponsored by state Sen. Laura Murphy, D-Des Plaines.
“I co-sponsored this legislation to make it easier for entrepreneurs in Illinois to start and maintain their businesses,” Murphy said. “Small businesses are the backbone of our communities, and I believe we need to pass more legislation like this to support them. I hope that by reducing the LLC fee schedule we can help small businesses grow and thrive in Illinois.”
Senate Bill 867 reduces the following fees:
• The articles of organization fee will be reduced from $500 to $150;
• The cost to register a name will be reduced from $300 to $50 and the cost to reserve a name will be reduced from $300 to $25;
• The series organization fee will be reduced from $750 to $400;
• The annual report fee will be reduced from $250 to $75;
• The articles of amendment fee will be reduced from $150 to $50;
• The fee to renew a name registration will be cut in half from $100 to $50;
• The cost of articles of dissolution will be reduced from $100 to $5;
• And the application to reinstate a LLC will drop from $500 to $200.
The new law takes effect immediately.