Legislation aimed at alleviating some of the financial burdens faced by small business start-ups passed out of the Senate State Government Committee yesterday.
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 new proposal Bertino-Tarrant is backing would reduce the limited liability filing fee to a mere $39 – the lowest in the nation.
The legislation is Senate Bill 2776.
Bertino-Tarrant is a constant voice for the small-businesses community. She has hosted several small business working groups in the 49th District in recent months to discuss small business concerns and determine if policy changes are necessary to strengthen the economy for small business owners.