The Illinois Dividend for LLC's

By Michael Banner - Dec 24, 2017      Comments     

Here's something you don't see too often. On 12/20/2017, the Illinois Secretary of State announced a new law reducing the filing fees for domestic and foreign limited liability companies (LLC's).

I know, we were shocked as well. It begs the question why?

Being one of the top taxing states in the country, with some of the highest filing fees, this is a welcome change for Illinois small business owners. We can only hope that state government has come to the realize that businesses have fifty other state choices in which domicile their entity. So, you might ask, how big of a reduction was it?

They dropped the fee for forming a new LLC, from $500 (the highest of all states) to an almost reasonable, $150. That's like getting a $350 dividend from the state.

Okay, maybe that's a stretch. But at a minimum, the LLC filing fee is now right in the middle of most states, which run from $50 to $500. And besides a new domestic LLC filing, other LLC fees were reduced as well. We've provided a table below.

Whatever the reason the state has decided to make itself more competitive with other states, it doesn't matter. It will help small business owners, and that's something we can cheer.

LLC Filing Fee Reduction Schedule

Description OLD NEW
New LLC Filing $500 $150
Restatement $500 $150
New Series LLC $750 $400
Amendment $150 $50
Withdrawal $25 $5
Name Reservation $300 $25
Cancel Name Res. $100 $5
Transfer Name Res. $100 $5
Trade Name $300 $50
Annual Report $250 $75
Reinstatement $500 $200
Foreign LLC Withdrawal $100 $5
Any Other Document $100 $5

Tags: Illinois Filing Fees  
About Michael Banner
  CEO & Founder of SmallBiZ.com, created over seventeen years ago to help small business owners simplify the process of starting & managing their small businesses. SmallBiZ.com now serves over 10,000 businesses per year with various filing and subscription services; in addition to the 1000's of daily visitors to www.smallbiz.com, accessing free services, help pages, & educational videos & webinars.


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