Yesterday, Bruce Rauner signed a law reducing the filing fees for most Illinois Limited Liability Company paperwork. Illinois Secretary of State Jesse White announced that the law would go into effect immediately, stating “This is a business-friendly law that significantly reduces the cost of forming and maintaining a Limited Liability Company in Illinois”. (Read the full announcement here).

This is great news for all LLC owners in Illinois. New LLC owners can now start-up an LLC with only a $150 filing fee, instead of the previous $500 filing fee. Current LLC owners can file the required annual report paperwork for $75 instead of $250. All of the LLC forms and new costs can be found on the Secretary of State website.

Prior to this fee reduction, Illinois had the highest LLC formation fees (tied with Massachusetts). Now Illinois is fairly average compared to other state’s filing fees.

With the lowered fees in Illinois, now could be a great time for you to start up an LLC. If you’re thinking about starting up an LLC, make sure you talk to a lawyer about the best state of formation and best entity choice for you.