PICTURE Tom Cullerton cuts excessive fees for small businessesCHICAGO – Small businesses in Illinois will no longer have to pay excessive startup fees, thanks to Villa Park State Senator Tom Cullerton.

Cullerton’s bipartisan initiative, Senate Bill 867, decreases the filing fee for small businesses to register in Illinois.

“This new law displays our state’s commitment to stimulating and revitalizing Illinois’ economy,” Cullerton said. “Cutting startup fees will help new businesses get off the ground and set up roots here in Illinois. Encouraging economic development in our state will help create new jobs, increase the tax base and grow our economy.”

Senate Bill 867 reduces a number of filing fees for Limited Liability Companies (LLCs), and changes the filing fees for LLCs to match those for corporations.

“This new law evens the playing field for small businesses in Illinois,” Nanette Gudenkauf, President and CEO of the Bartlett Area Chamber of Commerce said. “Lowering the LLC fees in Illinois will energize economic development and encourage new businesses to form in our communities. I commend Senator Tom Cullerton for passing this monumental new law and displaying his commitment to growing DuPage County’s economy.”

Under previous law, the filing fee to create a new LLC in Illinois was $500. Thanks to Cullerton, the filing fee is now $150. Cullerton also worked to lower the annual filing fee for LLCs from $250 to a much lower fee of $75.

“Instead of paying high fees to form and maintain their LLCs, small business owners will be able to put those resources into growing their businesses,” Elliot Richardson, President and Co-Founder of Small Business Advocacy Council said. “Passing this important legislation is a big win for Illinois’ small business community.”

The U.S. Small Business Administration cites internal reports that show small companies accounted for 64 percent of new jobs created in the U.S. between 1993 and 2011. Cullerton expects this new law will increase the number of new jobs in Illinois.

“The $500 fee was one of the highest in the country and is significantly higher than all our neighboring states,” Cullerton said. “Removing this hurdle will ensure Illinois businesses can achieve entrepreneurial success.”

Senate Bill 867 passed the Senate and House with bipartisan support and goes into effect immediately.

 

Category: Press Releases