Starting your own small business in the state of Illinois got a little bit easier earlier this week.
Governor Bruce Rauner signed legislation Wednesday that reduces annual filing fees for small businesses and Limited Liability Companies, or LLCs.
Some of the most significant savings come with the LLC filing fee, as it now costs $150 rather than its previous price of $500. Applications to reserve a name for a company goes from a $300 fee to now just $25, and annual report fees from $250 to $75 WLDS/WEAI News reached out to State Representative C.D. Davidsmeyer to discuss what this bill means for the state’s citizens, especially west central Illinoisans.
“Senate Bill 867 lowered some of the fees that businesses have to pay on an annual basis. So you’re talking about big savings, in the state of Illinois, you used to have to pay $300 just to reserve a name for a business, now they’re dropping to $50. And it could go even lower, state’s like Missouri really have kind of the market cornered. I think they are, if not the lowest, one of the lowest in the nation, so we need to follow their lead on this a bit,” says Davidsmeyer.
While Davidsmeyer feels this is certainly a step in the right direction, he says that he has worked on a very similar bill that asked for even lower filing costs. He also discusses that bill, as well as the importance of sipporting small businesses in Illinois.
“I actually worked with Lt. Governor Sanguinetti on a similar bill that we filled on February 10th, House Bill 3823, that actually went just a little further, but this is a huge step in the right direction. We all know that homegrown businesses in the state of Illinois tend to be a little more loyal to the state, definitely more loyal to their communities, so we want to provide every opportunity that we can possible provide for them to grow or create new businesses,” Davidsmeyer says.
The local state representative also says that often times it’s about credit for the majority party, but that he’s just happen to get something accomplished and are taking a step in the right direction.