Manar supported bipartisan measure slashing startup, filing fees

SmallBiz 350BUNKER HILL – Small and mid-sized businesses that are responsible for most of the payroll and job creation in rural Illinois will pay less in startup, annual filing and other fees this year because of a new law on the books.

The law rolls back the filing fee for small businesses to register in Illinois, reduces numerous filing fees for limited liability companies and levels the playing field between small businesses and corporations when it comes to these types of regulatory expenses.

Most of Illinois’ 1.2 million small businesses are organized as LLCs.

“Cutting fees to encourage economic growth and offer some relief to small business owners is a long-overdue move by the legislature,” said Senator Andy Manar, a Bunker Hill Democrat who voted for the bipartisan measure.

“I expect this will be a tremendous help, especially in areas like Macoupin, Montgomery and Christian counties where it can be tough to get a new business off the ground. Business owners no longer will have the added worry of paying excessive fees to the state each year.”

The fee decreases are substantial:

  • The filing fee for new LLCs dropped to $150 from $500.
  • Annual filing fees for LLCs decreased to $75 from $250.
  • Reinstatement fee dropped to $200 from $500.
  • The reserved name application fee is now $25; it was $300 previously.
  • The name transfer fee dropped to $25 from $100.
  • The amendments fee is now $50; it had been $150.

The fees went into effect Dec. 20.

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