Illinois Slashes Fees on Limited Liability Companies

January 2018

In excellent news for Illinois small businesses, the Governor recently signed into law SB 867 significantly reducing fees on limited liability companies (LLCs). This brings Illinois’s LLC fees more in line with national and midwestern standards.

Although not all businesses form as LLCs, doing so is often the optimal choice because LLCs combine the limited-liability aspect of a corporation, with the tax and operational advantages of a partnership. LLCs are often appropriate both for small businesses and for the strategic creation of more complicated business structures.

The fee reductions are dramatic. The cost to file articles of organization has been reduced to $150 from $500; for articles of amendment, the fee is now $50, down from $150. Reserving a name now costs a mere $25 instead of $300. The fee for an annual report is now $75—far less than the previous $250. The law also includes several other cuts to other LLC fees. The new law should allow businesses much greater flexibility.

This law is a significant change for Illinois’s approach to business organizations. If you have any questions or would like to know more about business formation, please contact a Lewis Rice attorney.

Firm Highlights
Diversity & Inclusion

Law Firm ILN-telligence Podcast Hosts Ronald A. Norwood to Discuss Mentorship, Diversity & Inclusion in the Legal Industry, and the Importance of Equity for All

More
News

Lewis Rice Welcomes 2021 Summer Associates

More
Diversity & Inclusion

Two Lewis Rice Members Selected for Leadership Council on Legal Diversity Programs

More
Client Alert

Temporary COBRA Changes Under the American Rescue Plan Act

More
Diversity & Inclusion

Lewis Rice Member Ronald A. Norwood Serves on Missouri Bar’s Special Committee on Lawyers of Color to Establish Diversity, Inclusion Programs

More
Client Alert

Missouri Supreme Court Reverses Overtime Wages Judgment Resulting from Employer-Mandated Screenings Under the Portal-to-Portal Act

More
Client Alert

Model COBRA Notices Under the American Rescue Plan Act

More
Client Alert

Federal Appellate Court Determines a Website Is Not a “Place of Public Accommodation” Under the ADA

More
News

Jeannine Moentmann Becomes President of St. Louis Paralegal Association for 2021-2022

More
Client Alert

CROWN Act Legislation on the Verge of Passage in St. Louis City & County

More
Client Alert

Supreme Court Hands Down Unanimous Decision Limiting FTC’s Ability to Seek Monetary Relief

More
News

Brian P. Pezza Gives Advice on Vaccination Acceptance in the Workforce in Society for Human Resource Management Article

More
Client Alert

The New Standard Contractual Clauses: Scope, Impact, and Next Steps

More
News

Meghan S. Largent and Lindsay S. C. Brinton Negotiate $700,000 Award to Cobb County, Georgia Landowners in Rails-to-Trails Case

More
Client Alert

The Changing Workplace Following the Latest CDC Mask Guidance

More
News

Jeremy P. Brummond Presents at Webinar for Experienced Construction Attorneys

More
Client Alert

DOL Publishes Cybersecurity Guidance for Benefits Plans

More
Client Alert

COVID-19 Rescue Plan Act Expands Paid Leave Availability but Does Not Revive Employer Mandates

More
Client Alert

Public Access to Electronic Court Records in Missouri

More
Client Alert

EEOC Issues Updated Guidance on COVID Vaccination Policies

More