Posted by David Oliver on 6/19/2017 to Business Law
IncSmart Illinois (Small Business and Startups) - Illinois has been operating without a budget years. The state has been forced to conduct business under court ordered spending at the same time running up a massive deficit. Many state programs and agencies dependent on state aid, are in danger of losing money. Schools, universities, hospitals and police are facing cutbacks due to the massive pension crisis. The bond ratings are so low, the state is unable to raise money. Bankruptcy is being floated.
Illinois has unpaid bills totaling $14.7 billion. This debt is 40 percent of the state’s budget. The democrats however is continuing to push for more government spending. The state legislature had to enact a major tax increase to address the deficit of $12 billion. Puerto Rico, which earlier this year announced a restructuring of its $70 billion in debt through courts after negotiations with bondholders failed. Illinois state's financial loss is the shrinking tax base. For the last three years, Illinois lost residents and the population is now lower than it was 10 years ago.
By David Oliver
Starting a Business in Illinois - Illinois Corporation - Illinois LLC
For 10 years, IncSmart.biz Business Services has helped companies and people from all over the world form Illinois Corporations and Illinois Limited Liability Companies. When you call, email, instant message or live chat with our office, expect personal attention. We are very excited about helping you form your new company. Each state is so different when it comes to filing documents, you will know right away you are in the right place. #incsmart
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