SB1549 would amend the Illinois Limited Liability Company Act to cut by 50% a broad range of filing and administrative fees charged by the Secretary of State for LLC-related transactions. The bill lowers fees for forming a domestic or foreign LLC, filing amendments, annual reports, reinstatements, mergers, registered names, assumed names, statements of authority, copies and certificates, and several series-LLC filings. In many cases, the bill changes the statutory fee amounts directly from the current level to half that amount, while leaving some smaller charges unchanged.
The measure is focused on business formation and compliance costs for limited liability companies and foreign LLCs operating in Illinois. It would reduce state revenue collected through Secretary of State business filing fees and lower the cost of maintaining or updating LLC records. The bill is effective immediately, meaning the reduced fees would take effect as soon as enacted rather than waiting for a delayed implementation date.
Impact
If enacted, SB1549 would amend Section 50-10 of the Limited Liability Company Act and revise the fee schedule governing LLC filings with the Illinois Secretary of State. The practical effect would be to reduce the cost of forming, maintaining, and modifying LLCs in Illinois for domestic and foreign entities, including series LLCs. It would also reduce associated state fee revenue and could affect businesses, registered agents, and attorneys or service providers who handle entity filings.
Sentiment
Based on the bill text and the absence of recorded committee testimony or votes in the provided materials, the bill appears to be framed as a pro-business fee reduction measure with a straightforward purpose. The caption, "LLC-REDUCE FILING FEES," suggests an intent to ease administrative burdens on businesses. No recorded opposition, amendments, or vote history is provided here, so there is no evidence of formal support or resistance in the supplied context beyond the bill’s general deregulatory and cost-cutting orientation.
Contention
The main policy issue is fiscal: reducing filing fees would make LLC compliance cheaper for businesses but would also lower receipts to the Secretary of State. Potential points of contention would likely involve whether the state should forgo this revenue, whether the fee reductions are necessary or justified, and whether the benefits would primarily accrue to business owners, especially those forming or maintaining multiple entities or series LLCs. No specific objections or supporters are identified in the provided transcripts or voting history.