Illinois’ Department of Commerce, in conjunction with the Chicago Urban League and Chicago State University, surveyed 1,355 Black-owned businesses; There are nearly 150,000 total in the state. According to the more than 50-page report, 66% of business owners are the only employee, and more than half operate from their homes, without brick-and-mortar storefronts.
All those extra regulations make it SOOOOOOO easy to start a business in IL. Required paid time off for all employees, mandatory harassment training, mandatory filing fees, high corporate tax rates, high real estate rents and taxes, insane union rules and ‘living wage’ laws, punitive biometic laws, onerous city inspections and licensing fees, difficult tax structures, corrupt politicians, high crime and massive ‘shrinkage’, extremely high business insurance rates, terrible, extremely tenant friendly eviction laws, high energy and gas prices…..makes it nearly impossible for a regular joe to open a business without major corporate backing or VC. And the state wonders… Read more »
One way to wealth has historically been real estate. But in Cook County, and IL, all of the laws favor large landlords and punish the little guy trying to rent out the two-flat next door. Failure to pay interest on a security deposit can cost a small landlord $10,000 in attorneys fees and penalties. Good luck trying to evict a tenant who is destroying your property. The tenant will hire a tenant’s right lawyer, and YOU’LL be paying your tenant’s attorneys fees and costs while they live there for 6 months, for free while you try and get them out.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
All those extra regulations make it SOOOOOOO easy to start a business in IL. Required paid time off for all employees, mandatory harassment training, mandatory filing fees, high corporate tax rates, high real estate rents and taxes, insane union rules and ‘living wage’ laws, punitive biometic laws, onerous city inspections and licensing fees, difficult tax structures, corrupt politicians, high crime and massive ‘shrinkage’, extremely high business insurance rates, terrible, extremely tenant friendly eviction laws, high energy and gas prices…..makes it nearly impossible for a regular joe to open a business without major corporate backing or VC. And the state wonders… Read more »
One way to wealth has historically been real estate. But in Cook County, and IL, all of the laws favor large landlords and punish the little guy trying to rent out the two-flat next door. Failure to pay interest on a security deposit can cost a small landlord $10,000 in attorneys fees and penalties. Good luck trying to evict a tenant who is destroying your property. The tenant will hire a tenant’s right lawyer, and YOU’LL be paying your tenant’s attorneys fees and costs while they live there for 6 months, for free while you try and get them out.