By: Brittany Whitfield
As of December 20, 2017, the State of Illinois reduced the fees for the common corporate structure of Limited Liability Companies. The Secretary of State’s fee for filing an LLC’s Articles of Organization or Restated Articles of Organization is now $150 and the Annual Report filing fee for an LLC is now $75 (fees were previously $500 and $250, respectively, which are 70 per cent decreases). Forming a Limited Liability Company in Illinois is now exponentially cheaper thanks to many of the changes enacted by Public Act 100-0571, reducing the overall cost of beginning the process.
What is Corporate Formation?
Corporate Formation, simply put, is the process of creating a business entity, with a purpose that is either for-profit or not-for-profit.
Knight, Morris & Reddick Law Group (KMR) specializes in Corporate Formation and has the experience and knowledge to provide legal counsel throughout the formation process and management throughout the life of the entity. We do this by filing your corporate documents, serving as your company’s registered agent and providing advice on legal issues that your company might be presented with on a day to day basis.
What are the benefits of an LLC and why are these fee changes attractive?
An LLC is a type of business entity that is usually designed to protect its owners, which are called Members. The “limited liability” characteristic of an LLC serves as a shield of protection over the personal assets of all Members by creating a clear separation from the resources of the business. Parties of an LLC are granted the flexibility to tailor their own governance which is a contrast to traditional partnerships or incorporated structures.
The change in fees is attractive to many new and reorganizing businesses because it allows them to allocate more capital into the actual business instead of in to filing fees.
KMR is excited to see these fee reductions and it is time to start the New Year off right! Whether you are a chef servicing clients in their home or a real estate investor looking to become a landlord or flip properties, take advantage of KMR’s experience with corporate formation to begin or reorganize your business.
Contact KMR to get started today at firstname.lastname@example.org or by phone at 312-574-0181. Or, visit us at www.kmrlawgroup.com.