{"id":8331,"date":"2017-12-20T20:49:35","date_gmt":"2017-12-20T20:49:35","guid":{"rendered":"http:\/\/www.chamber630.com\/?p=3394"},"modified":"2017-12-20T20:49:35","modified_gmt":"2017-12-20T20:49:35","slug":"representative-olsen-joins-governor-rauner-for-signing-of-bill-to-reduce-llc-fees-in-illinois","status":"publish","type":"post","link":"https:\/\/chamber630.com\/member-press\/representative-olsen-joins-governor-rauner-for-signing-of-bill-to-reduce-llc-fees-in-illinois","title":{"rendered":"Representative Olsen Joins Governor Rauner for Signing of Bill to Reduce LLC Fees in Illinois"},"content":{"rendered":"<p><span style=\"color: #000000;\">CHICAGO\u2026..State Representative David S. Olsen (R-Downers Grove) joined Governor Bruce Rauner today for the signing of legislation that immediately and substantially reduces fees limited liability companies (LLCs) must pay in connections with the mandatory filings they must submit to the Secretary of State\u2019s Office. The governor signed the bill in the presence of dozens of small business advocates gathered at Level Office, an LLC that provides shared office space for startups.<\/span><\/p>\n<p style=\"text-align: left;\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">\u201cThis is a step in the right direction for our small businesses,\u201d Rauner said during the bill signing. \u201cThe new rates are more competitive with other states. By easing the fee burden for LLCs here, we are sending a message to entrepreneurs and small business owners in Illinois: Start here and stay here.\u201d<\/span><\/p>\n<p style=\"text-align: left;\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"http:\/\/ilga.gov\/legislation\/billstatus.asp?DocNum=867&amp;GAID=14&amp;GA=100&amp;DocTypeID=SB&amp;LegID=102398&amp;SessionID=91\">SB 867<\/a>, co-sponsored by Olsen, reduces LLC fees to levels that match similar fees paid by corporations in Illinois. \u201cThis new law provides much-needed relief for the small business owners who drive the Illinois economy,\u201d said Olsen after the bill signing. \u201cThis sends a clear message to those who provide jobs in our state that we want to ease their burden so they will come, remain and expand their businesses here. I look forward to continuing to work with my colleagues to find more comprehensive measures that will provide tangible relief for business owners across our state.&#8221;<\/span><\/p>\n<p style=\"text-align: left;\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Prior to the signing of the bill, Illinois was tied with Massachusetts for having the highest start-up fee in the country for LLCs. Entrepreneurs in this state were charged $500 to simply file paperwork to organize their new business. Moving forward, the LLC filing fee will be $150. Other fee reductions included in SB 867 include:<\/span><\/p>\n<p style=\"text-align: left;\">\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #000000;\">Reinstatement fee dropped to $200 from $500<\/span><\/li>\n<li><span style=\"color: #000000;\">Reserving a company name fee dropped to $25 from $300<\/span><\/li>\n<li><span style=\"color: #000000;\">Annual report fee dropped to $75 from $250<\/span><\/li>\n<li><span style=\"color: #000000;\">Fee for filing amendments dropped to $50 from $150<\/span><\/li>\n<li><span style=\"color: #000000;\">Name transfer fee dropped to $25 from $100<\/span><\/li>\n<\/ul>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Department of Commerce and Economic Opportunity Director Sean McCarthy said reducing LLC fees sends a positive signal. \u201cWe support businesses that are looking to grow, invest and create new jobs in our state, regardless of their size,\u201d McCarthy said. \u201cSB 867 helps alleviate unnecessary burdens to allow Illinois businesses to thrive.\u201d<\/span><\/p>\n<p style=\"text-align: left;\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Small Business Advocacy Council CEO Elliot Richardson agreed, and added, \u201cThis bipartisan initiative is about much more than reducing some of the highest LLC fees in the nation. It is about leveling the playing field for small businesses, encouraging new businesses to form in our state, and growing our way toward economic stability.\u201d<\/span><\/p>\n<p style=\"text-align: left;\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Olsen said reducing the financial burden on small businesses is a top legislative priority for him. \u201cWhile bordering states have been rolling out the welcome mat for new businesses for years, Illinois was nickel-and-diming companies and sending the message that Illinois is not a friendly place to do business,\u201d Olsen said. \u201cThis significant reduction in fees sends a strong signal that we are indeed interested in attracting new business, growing our economy and working with entrepreneurs who wish to create jobs here.\u201d\u00a0<img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-3395 size-large\" src=\"https:\/\/www.chamber630.com\/wp-content\/uploads\/2017\/12\/LLC-Bill-Signing-1024x683.jpg\" alt=\"LLC Bill Signing\" width=\"1024\" height=\"683\" \/><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CHICAGO\u2026..State Representative David S. Olsen (R-Downers Grove) joined Governor Bruce Rauner today for the signing of legislation that immediately and substantially reduces fees limited liability companies (LLCs) must pay in connections with the mandatory filings they must submit to the Secretary of State\u2019s Office. The governor signed the bill in the presence of dozens of [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[23],"tags":[],"class_list":["post-8331","post","type-post","status-publish","format-standard","hentry","category-member-press"],"acf":[],"_links":{"self":[{"href":"https:\/\/chamber630.com\/wp-json\/wp\/v2\/posts\/8331"}],"collection":[{"href":"https:\/\/chamber630.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chamber630.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/chamber630.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/chamber630.com\/wp-json\/wp\/v2\/comments?post=8331"}],"version-history":[{"count":0,"href":"https:\/\/chamber630.com\/wp-json\/wp\/v2\/posts\/8331\/revisions"}],"wp:attachment":[{"href":"https:\/\/chamber630.com\/wp-json\/wp\/v2\/media?parent=8331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chamber630.com\/wp-json\/wp\/v2\/categories?post=8331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chamber630.com\/wp-json\/wp\/v2\/tags?post=8331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}