The home of Abraham Lincoln runs light on state-level governmental controls. Instead, most business licensing is left to the local level, especially in Chicago which boasts more than 70 different business licenses. Outside the big city, counties also play an important role in business governance.
In Illinois, broker-Dealers perform securities sales and purchases for commission. These agencies – often known as brokerages – are federally regulated and monitored. However, states also regulate securities firms and may have their own licensing process, if not additional fees brokers must pay on top of their federal licensing costs.