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Illinois Announces Major Reduction of LLC Fees
The immediate reduction will reduce state fees for Limited Liability Companies by hundreds of dollars
By: Sivia Law
The new law will benefit businesses looking to form in Illinois, in addition to the existing business with the LLC structure. Previously, the fees to file Articles of Organization for a new LLC were $500.00. With the passing of the new Bill, the fee is now reduced to $150.00. The fees to obtain an Annual Report were also reduced, from $250.00 to $75.00. There were 21 state fees in Illinois that were substantial reduced on Thursday.
"These dramatic reductions will encourage more business owners to consider starting an LLC instead of a corporation."
Choosing to form an LLC is the right choice for many businesses. An LLC provides the limited liability features of a corporation but has the tax efficiency and operational flexibility of a partnership. With the lowering of these costs, it puts LLCs more in line with what corporations currently pay to operate. This adjustment should benefit business owners, local business growth and the overall business landscape in the state.
"This new law will hopefully boost the amount entrepreneurs and businesses in Illinois." explained Sivia. "This is a positive change and will hopefully keep businesses here. I've worked with companies that escape to other state's to avoid the high costs in Illinois."
A full list the new fees can be found on the Illinois Secretary of State's website, www.cyberdriveillinois.com, or by contacting the Department of Business Services in Springfield at 217-782-6961. For more information on forming an LLC with Sivia Law, please visit www.sivialaw.com, or call the office at 618-659-4499 to set-up a consultation with one of the firm's business attorneys.
Sivia Law is an asset protection law firm. The legal practice mainly focuses on business law, real estate, estate planning, special needs planning, probate, and elder law. Sivia Law is committed to quality legal representation at affordable prices. The law firm is located at 217 South Main St., Edwardsville, IL 62025. Also, view the website at www.sivialaw.com.
For more information regarding our law practice or to schedule a consultation, please contact Sivia Law at (618) 659-4499 or firstname.lastname@example.org.