Good news! On December 20th, the Illinois Governor Bruce Rauner signed SB 867 into law, reducing Illinois’ excessive limited liability company’s (LLCs) filing and maintenance fees. This law went into effect immediately upon signing, i.e. December 20, 2017.
Although Illinois has a long way to go to make this state attractive for small businesses and business investments, it’s clearly a move in the right direction. Now, that the basic asset protection strategies became more affordable, small business owners should have no excuses to delay their implementation next year.
This bill was passed into law in large part due to the significant efforts of the Small Business Advocacy Counsel that spent several years and significant resources organizing the business community’s support and pushing this bill through the Illinois legislature.
Below is a summary of the new LLCs’ filing and maintenance fees.
|Senate Bill 867 LLC Filing Fee Reductions:|
|Old fee||New fee|
|Articles of Organization||$500||$150|
|Application for Admission||$500||$150|
|Restated Articles of Organization||$500||$150|
|Articles of Organization-Series||$750||$400|
|Application for Admission-Series||$750||$400|
|Articles of Amendment||$150||$50|
|Amended Application for Admission||$150||$50|
|Application for Withdrawal – Domestic||$25||$5|
|Cancel Name Reservation||$100||$5|
|Transfer Name Reservation||$100||$25|
|Name Registration Application||$300||$50|
|Registered Name Renewal||$100||$50|
|Assumed Name – Change||$100||$25|
|Assumed Name – Cancel||$100||$5|
|Petition for Refund||$15||$5|
|Statement of Termination||$25||$5|
|Application for Withdrawal – Foreign||$100||$5|
|Any Other Document||$100||$5|
Disclaimer: This article is intended to serve as a general summary of the issues outlined therein. While this article may include general guidance, it is not intended as, nor is it a substitute for, a qualified legal advice. Your receipt of this article from Lexern Law Group, Ltd. (the “LLG”) or any of its attorneys does not create an attorney-client relationship between you and the LLG. The opinions expressed in this article are those of the authors of the article and does not reflect the opinion of the LLG.