Small businesses are the engine driving the Illinois economy and should receive support from our legislators in Springfield. At this time, however, the small business community is being hurt by unreasonably and arbitrarily high LLC fees. The fees associated with filing and operating an LLC in Illinois are the highest in the nation. While the average cost of filing an LLC in other states is less than $200, in Illinois, the fee for filing as an LLC is $500.00.
The costs associated with forming and operating an Illinois LLC are also much higher than those charged to corporations. For example, it costs only $150.00 to form an Illinois corporation. While it costs $300.00 for an LLC to reserve a name, a corporation can do so for $50.00.This disparity even extends to folks intending to dissolve their business. It costs $100 to dissolve an LLC as opposed to only $5 for corporations.
Forming as an LLC is the right choice for many small and mid-market businesses. Formation as an LLC also encourages entrepreneurs to invest their time and money into viable business enterprises. Unfortunately, far too many business owners do not form LLCs because of the high fees that LLCs must pay to the state. Our state’s fee structure must not arbitrarily penalize small and mid-market businesses for choosing the best structure for their companies.
We are working with the SBAC, and a strong coalition of business organizations, to pass HB65 and SB2593, two bills that lower LLC fees to a fair and reasonable amount. See here ( http://ilga.gov/legislation/
We all must work together to rehabilitate Illinois’ reputation in the small business community and help our small businesses succeed. Jewish B2B is fighting for you and pushing the state to charging fair LLC fees.
Click here (http://salsa3.salsalabs.com/o/
Should you choose to call your legislator’s office, click here (http://gis.elections.il.gov/