Illinois business law provides individuals the option of setting up Limited Liability Companies, which is one of several ways to protect yourself, among others such as limited liability partnerships and corporations. Recent Illinois LLC fee reductions have made this process more palatable to business owners.
Illinois LLC Fee Reductions
New changes are afoot with confirmation by Illinois Governor Rauner, who signed SB 867, which set to change the state charges for establishing an LLC in Illinois from $500.00 to $150.00. The fees are also set to change for annual renewal of LLCs as well, which were previously set at $250.00 to $75.00.
Creating an LLC in Illinois
Creating an LLC or some sort of similar entity, like a corporation or a partnership, is often essential to protecting your business. However, you must first file articles of incorporation and continually comply with the statutory formalities. Illinois corporate lawyers can act as the intermediary between your company and the Illinois Secretary of State, which is the state agency to which annual reports must be submitted. The Illinois Secretary of State is also who collects that now $150.00 filing fee and that now $75.00 annual report fee.
Do you need an attorney to set up an LLC?
Filing for an LLC is one of the more common do-it-yourself projects for startup business owners. If you need assistance in setting up a new LLC in Illinois or have questions about the tax implications and would like to speak to a financial planner or certified public accountant in our network, contact Attorney Zachary Townsend and his team at Pro Legal Care LLC for a free consultation today.