Waives annual report fee for Illinois LLCs with less than $1M in annual revenue for 5 years after formation.
Illinois HB1604 amends the Limited Liability Company Act to waive the annual report filing fee for limited liability companies (LLCs) with a gross annual revenue of less than $1,000,000 for the five years immediately following their formation. This waiver applies to the fee for filing an annual report, which is otherwise set at $75. The bill aims to provide financial relief to small businesses during their initial years of operation.
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