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Cullerton reduces the cost of small business ownership in Illinois

tc 052918VILLA PARK –A new Illinois law championed by State Senator Tom Cullerton (D-Villa Park) will spare small businesses from paying outrageous late penalties.

Cullerton’s House Bill 4578, which was signed into law Friday, will reduce late penalties from $300 to $100 for annual LLC report filings.

“This law will further the state’s commitment to energizing our economy,” Cullerton said. “I’m proud to work with my colleagues from both parties to eliminate this hurdle for small businesses.”

Last year, Cullerton passed Senate Bill 867 with bipartisan support to reduce a number of filing fees for LLCs to match those for corporations. This measure reduced the filing fees for the creation of an LLC from $500 to $150.

Cullerton also worked to lower the annual filing fee for LLCs from $250 to $75.

“Small businesses are the backbone of our economy,” Cullerton said. “Local businesses play a huge role in our communities and economy. We need to do whatever we can to encourage businesses to make Illinois’ their home.”

Limited Liability Company or LLC is like a corporation, a limited liability company or "LLC,” a separate and distinct legal entity.

House Bill 4578 goes into effect immediately.

Sen. Tom Cullerton

tcullerton-hs

23rd Legislative District

Years served: 2013 - Present

Committee assignments: Energy and Public Utilities; Insurance; Labor; State Government; Transportation; Veterans Affairs (Chairperson); Sub. on Utility Rate Regulations (Sub-Chairperson).

Biography: Born Sept. 20, 1969; studied at the University of Kansas; former village president and trustee of Villa Park; married (wife Stacey), three sons.

Associated Representatives:
Deb Conroy
Diane Pappas