Senator Bertino-Tarrant cuts costs for small businesses

SPRINGFIELD— Legislation aimed at alleviating some of the financial burdens faced by small business start-ups passed the Senate today. 

State Senator Jennifer Bertino-Tarrant (D-Shorewood) is a co-sponsor of the proposal that would reduce the fees collected by the Secretary of State for creating a limited liability company (LLC) from $500 to $39.

“Our current LLC filing fee is one of the highest in the nation,” Bertino-Tarrant said.  “If we expect our state to be competitive in the business arena, we must find ways to promote and encourage small business growth.”

Three out of every four Illinois employers are small businesses. Bertino-Tarrant believes that we should do more to support our small businesses, especially as they get started.

“Investing in our small businesses will not only strengthen job growth, it will also bolster the economy by fostering business at the local level,” Bertino-Tarrant continued.

The suggested $39 filing fee backed by Bertino-Tarrant would be the lowest in the nation. The proposal was also backed by Governor Quinn in his recent State of the State address.

The legislation is Senate Bill 2776.