Right at the tail end of 2017, there was some great news for SME’s in the State of Illinois. Thanks to legislation signed by Gov. Bruce Rauner fees incumbent upon LLC’s will be significantly lower. For example, whereas filing fee for new LLCs has been $500 until now, it will be slashed to $150 and annual report fees will go decline by $175 (from $250 to $75).
Along with being great news for businesses in the State, it is also sending a message of support from the government that they are seeking to help businesses grow. According to Sean McCarthy, Department of Commerce and Economic Opportunity Director, this law – SB 867 – “helps alleviate unnecessary burdens to allow Illinois businesses to thrive.”
Another piece of good news for small businesses is the new legislation that will “level the playing field” against larger corporations in the bidding for state contracts. Michael E. Hastings’ championed House Bill 3419 which has just gone into affect. He said: “Large corporations that dodge taxes should not be earning taxpayer money. If businesses are going to use offshore tax havens to avoid paying taxes, they should not be rewarded with taxpayer-funded state contracts and business. We need to give local businesses that play fair and pay their fair share of Illinois income taxes a chance to compete and be successful when they bid for state contracts. Small businesses are the backbone of our economy. The more the state invests in them, the more they will invest in our great state.”