Illinois legislature slashes filing fees for LLCs

On December 20, 2017, Senate Bill 867 was signed into law.  This bill significantly reduces the filing fees to the Illinois Secretary of State for limited liability companies.  Previously, Illinois charged fees that were among the highest in the nation.  Under the new law, the cost to create a limited liability company has been reduced from $500 to $150 and the cost to file the annual report has been reduced from $250 to $75.

At Rudolph Kaplan LLC, we believe that the limited liability company is an ideal way to set up a business with the sole purpose of owning real estate.  Real estate investors should strongly consider setting up a limited liability company, especially in light of these reduced costs.