04192018CM0592VILLA PARK – A new Illinois law championed by State Senator Tom Cullerton (D-Villa Park) will spare small businesses from paying outrageous late penalties.

Cullerton’s House Bill 4578, which was signed into law Friday, will reduce late penalties from $300 to $100 for annual LLC report filings.

“This law will further the state’s commitment to energizing our economy,” Cullerton said. “I’m proud to work with my colleagues from both parties to eliminate this hurdle for small businesses.”

Last year, Cullerton passed Senate Bill 867 with bipartisan support to reduce a number of filing fees for LLCs to match those for corporations. This measure reduced the filing fees for the creation of an LLC from $500 to $150.

Cullerton also worked to lower the annual filing fee for LLCs from $250 to $75.

“Small businesses are the backbone of our economy,” Cullerton said. “Local businesses play a huge role in our communities and economy. We need to do whatever we can toencourage businesses to make Illinois’ their home.”

Limited Liability Company or LLC is like a corporation, a limited liability company or "LLC,” a separate and distinct legal entity.

House Bill 4578 goes into effect immediately.

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CONTACT SENATOR CULLERTON

Welcome to the official website of Senator Tom Cullerton. Please fill out our contact form to contact Senator Cullerton directly or you may call either of our offices. We look forward to hearing from you.

District Office
338 S. Ardmore Ave.
Villa Park, IL 60181
P: (630) 903-6662
F: (630) 903-6643

Springfield Office
122 Capitol Building
Springfield, IL 62706
P: (217) 782-9463