Illinois Passes Legislation to Cut Start-up Costs

At a glance, the state of Illinois has the highest start-up fees in the country. However, the Illinois Senate recently passed a bill, Senate Bill 867, that would decrease startup costs for entrepreneurs. Lawmakers from both sides of the aisle voted unanimously May 3 to pass The Limited Liability Company Act, which will reduce the cost of starting a LLC in Illinois from $500 to $150.

Illinois entrepreneurs paid this $500 fee simply to file paperwork to organize a new business. Not only is the fee unnecessarily painful, it signals to entrepreneurs that the state sees businesses as entities to nickel and dime rather than as partners in producing economic growth.

What Does This Mean for You?
 
The bill will reduce the cost of starting a Limited Liability Company in Illinois from $500 to $150. The reduction of this fee will be welcomed by entrepreneurs, as it will encourage and increase the production of economic growth within the state. The new bill now gives Illinois the lowest startup fee in the region, and signifies a first step towards getting Illinois back to a profitable economic baseline.
If you have any questions about these changes, or need guidance in beginning a new business venture, contact Klein Hall CPAs today and our qualified team of professionals can provide you with the high quality service you deserve.