Batinick, Olsen applaud effort to aid business by cutting LLC fees
As chief co-sponsor SB867, Rep. Mark Batnick (R-Plainfield) helped passed the legislation that has cut small businesses' costs by hundreds of dollars.
“It's about time,” Batinick said in a release regarding the bill that immediately lowers limited liability companies (LLC) startup fees from $500 to $150 and lowers LLC annual renewal costs from $250 to $75.
The passage and signing of SB867 by Gov. Bruce Rauner was welcomed by many since more than 98 percent of employers in the state are classified as small businesses.
“This legislation provides some relief for the small business owners who drive the Illinois economy,” Rep. David S. Olsen (R-Downers Grove), who also co-sponsored the bill, said about the legislation, which also reduces additional LLC fees including the Reinstatement Fee from $500 to $200; Reserved Name Application from $300 to $25; Amendments from $150 to $50; and Name Transfer from $100 to $25.
Rauner called the bill a pro-business, pro-growth, pro-investment and pro-job creation legislation during a news conference where he signed the legislation. “This is a great day for the people in Illinois, today we send a clear, strong and powerful message that Illinois is changing," Rauner said.
Though not present at the news conference Batinick and Olsen agreed the legislation levels the business playing field.
“This should be just the first step of many to make Illinois a more business-friendly place,” Batnick said.
Olsen said SB867 sends a clear message to those who provide jobs in our state that we want to ease their burden so they will 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,” Olsen added.