An Example of Why Illinois is Screwed Up

Posted by Jeff Carter
on June 9th, 2011

I co-founded an angel organization, Hyde Park Angels, in the city of Chicago. We fund start ups in the midwest. It’s a lot of fun. So far, we have invested over $4.5 million in 11 startups. No exits yet, but our companies are doing well-except for one.

Anyway, we are getting ready to do another investment. I was filling out the paperwork online. It’s a $600 fee to register a business, and they charge you extra if you use a credit card. (Maybe the state ought to be using Fee Fighters, like a lot of businesses do. If you own a business and you aren’t using them, start. You’ll save huge.) I filled out the paperwork incorrectly. Hit submit. Boom, I needed to make a change. It cost me $250.00, plus more credit card fees to make the change after I discovered it.

That’s worse than an airline.

Here is the email copy of my receipts so you know I am not talking out of my you know what.

initial application

Thank you for using Secretary of State Jesse White’s CyberService Express! Your application to file Limited Liability Company Articles of Organization has been received and payment processed. Please allow 24 business hours for the processing of your application.

You can check the status of your submission at http://apps.ilsos.gov/llcarticles/status.jspby using the Packet and Authorization Numbers provided below. If you experience any difficulty in obtaining the status of your application, please contact the Web Master at [email protected]

Packet Number:

Authorization Number:

File Date:

Total Amount: $612.75

this is the change

Thank you for using Secretary of State Jesse White’s CyberService Express! Your application to file name change to the Limited Liability Company Articles of Organization has been received and payment processed. Please allow 24 business hours for the processing of your application.

You can check the status of your filing at http://www.ilsos.gov/llcartamendment/status by using the Packet and Authorization Numbers provided below. If you experience any difficulty in obtaining the status of your application, please contact the Web Master at [email protected]

Packet Number:

Authorization Number:

File Date: 06-09-2011

Total Amount: $256.75

Now, you’d think some whip smart bureaucrat or politician downstate would think to waive fees on a name change-or reduce the cost of filing electronically. That is, if you were encouraging business development and investment in the state.

If a poor person were trying to start a business as an LLC, doesn’t the state in effect shut them out by charging high fees?

It was my mistake-but should a typing error cost $250 bucks? If someone in Springfield wants to refund the money, I would appreciate it. I wonder how much it costs to register in Indiana?

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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