Ever thought about starting a business in Illinois only to get sticker shock when you found out the cost of filing fees? A Senate bill that’s awaiting a vote seeks to reduce fees associated with launching your own company, putting Illinois in line with neighboring Midwestern states.
Senate Bill 2827, introduced by Villa Park Democratic state Sen. Tom Cullerton, would dramatically reduce the cost for businesses seeking to file articles of organization for limited liability companies, commonly known as LLCs.
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Startups in Illinois pay a $500 fee to file LLC articles of organization. SB 2827 would reduce that to $39. The bill would also cut the cost associated with a Series LLC to $59 from $750.
SB 2827 would make startup costs lower in Illinois than in neighboring states. According to data from each state’s secretary of state, Iowa and Michigan have a filing cost of $50 while Indiana charges $90, Missouri $105 and Wisconsin $170.
SB 2827 is currently on Senate’s calendar for a vote.