SENATE BILL TO REDUCE LLC FILING FEES IN ILLINOIS HOUSE FOR CONSIDERATION

Currently Illinois LLC fees are among the highest in the nation. To address this, the Senate, on April 1, 2014 passed SB 2776 (the bill) with bi-partisan support and without opposition. The bill would amend the filing fees currently charged to LLCs pursuant to 805 ILCS 180/50-10.  The bill calls for a reduction in the filing fee of an LLC from the current charge of $500.00 to $39.00, and a reduction in series LLCs from $750.00 to $59.00.    If approved, LLCs may be encouraged to form in Illinois rather than form in another state. The bill remains in the House for consideration.