Small businesses see filing costs cut
Some small businesses are celebrating after Governor Bruce Rauner signed Senate bill 867.
The bill allows limited liability companies (LLC) to see their fees cut drastically.
Many fees were cut by hundreds of dollars, which included the filing fee which allows small businesses to start.
Owners said these fees give them hope about the future of small businesses competing with larger corporations.
"As a small business owner, I was pretty scared the other day, and to have this passed seems pretty great because there are significant drops in everything that we're going to be doing, as already established businesses as well as people that might have a dream to have their own," Co-Owner of Serious Lip Balm, an LLC, Megan Luckey said.
Other fees have been cut as well, with the biggest one being reserving the name. That price was cut from $300 to $25.
Other price cuts include the following:
- LLC Filing Fee went from $500 to $150
- Reinstatement went from $500 to $200
- Annual Report went from $250 to $75
- Amendments went from $150 to $50
- Finally, Name Transfer went from $100 to $25
Rauner calls this a step in the right direction for small businesses.
Before this bill was signed, Illinois had fees that were among the highest in the nation.