Sen. Chuck Weaver (R-Peoria) and Rep. Peter Breen (R-Lombard) said lowering limited liability company (LLC) costs is key Illinois economic growth.
That is why the two GOP lawmakers who sponsored SB867 were among lawmakers who joined in the bipartisan support of the bill that immediately lowers LLC startup fees from $500 to $150 and reduces LLC annual renewal costs from $250 to $75.
“The creation of new businesses is one of our best tools to help grow both jobs and our state economy," Weaver said in a press release.
Illinois State House Rep. Peter Breen (R-Lombard)
Standing competitively with neighboring states on the LLC fee front is a key step for Illinois, Breen said in a press release.
Though not present at the press conference for the bill signing held at the Level Office, the Chicago-based shared office space that holds up to 1,000 small business companies, both GOP lawmakers assisted in SB867, which also reduces additional LLC fees including the Reinstatement Fee from $500 to $200; Reserved Name Application from $300 to $25; Amendments from $150 to $50; and Name Transfer from $100 to $25.
Elliott Richardson, president and co-founder of Small Business Advocacy Council, a nonpartisan organization based in Chicago, was the first to express his gratitude to all lawmakers at the press conference.
“Other fees are going to be reduced and this is going to level the playing field for small businesses,” Richardson said of the bill that will now benefit small business owners across the state.
Lt. Gov. Evelyn Sanguinetti, who is the chair of the governor’s Rural Affairs Council, said SB867 is very welcome by countryside communities.
“I discovered it not only helps our rural business owners and entrepreneurs it helps all of Illinois,” Sanguinetti said. “Simply put, you folks are the ones who take that calculated risk.”
Weaver also acknowledged how SB867 will benefit new businesses.
“This new law will help encourage our entrepreneurs to launch new businesses, which will create new opportunities for growth,” Weaver said. “This is a win for Illinois.”
Now that SB867 has been signed into law, Breen believes more can be done.
“We need further significant reform to our state's business laws and regulations to help small businesses create more good-paying jobs in our state,” Breen said.
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