Rep. Bourne Praises Fee Rollback for Small Businesses
Wed, 03 Jan 2018 09:39:00 CST
State Representative Avery Bourne recently released a statement praising the signing of legislation that reduces startup, annual filing and other fees for small businesses.
In the statement, Representative Bourne said, “the bipartisan initiative sends the message to small businesses that Illinois values them,” adding that “rural areas, like ours, need more employment opportunities and the economic stability that these businesses provide.”
The new law will encourage more businesses to form in Illinois rather than go to other states to escape high fees. The filing fee for new Limited Liability Companies (LLCs) drops from $500 to $150 and annual report fees drop from $250 to $75. Previously, Illinois charged fees that were among the highest in the nation.
A founder of a business that started in Chicago and now has locations throughout the state said their company is thrilled to see this legislation enacted, as over 98 percent of employers in the state are classified as small businesses.
WebReadyTM Powered by WireReady®NSI