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Quinn Proposes Drastic Dip in Filing Fee
Mon February 3, 2014
Businesses: LLC Fee Drop A Drop In The Bucket
There are more than 200,000 limited liability corporations operating in Illinois. The governor has a proposal he says will add more. But business groups are skeptical it will help.
To file as an LLC in Illinois, you have to pay the state at least $500.
During his state of the state address, Gov. Pat Quinn proposed lowering the fee to $39.
"This small but important step will encourage entrepreneurs to start their business and put more people to work right here in Illinois," Quinn, a Democrat, said.
But head of the Illinois Retail Merchants Association, Rob Karr, is doubtful that will do the trick.
"No one will say no, that's appreciated," Karr says. "But that's not going to tilt the balance ... in the favor of Illinois."
Carr says better methods to create jobs would be to lay off talk of a hike in the minimum wage, and to resolve Illinois' shaky budget situation.
According to the Secretary of State's office, lowering the LLC fee would mean a $14 million hit to the budget.
A spokesman says Secretary Jesse White, who is also a Democrat, supports the plan because he sees it as a business-friendly endeavor.