What’s the New Colorado Law?
The Colorado Business Fee Relief Act, came into effect on July 1, 2022. The law reduces fees for Colorado business filing and lowers the cost of certain business filings to $1. The new law will help small businesses by reducing fees. This will make it easier for Colorado businesses to start up their business without having to worry about the costs associated with filing fees.
Supporting Colorado Small Businesses
The COVID health emergency in March 2020 has caused a decline in revenue for many Colorado businesses. Traditionally, new business registrations increase during economic downturns, because many people lose a job or have reduced hours. Instead of trying to find a new job many Coloradans decide to go into business for themselves.
Colorado leaders are committed to supporting Coloradans in their pursuit of entrepreneurial happiness. The state has made it easier for entrepreneurs to start a business by practically eliminating filing fees to an already simplified process.
The legislature, the governor, and the secretary of state, believe keeping more money in the pockets of small businesses owners will improve the health of our economy.
How Much Money?
On July 1, 2022, the state treasurer transferred $16,710,000 from the general fund to the department of state. This transfer allows the secretary of state to reduce filing fees from $50 to $1 for filing LLC articles of organization; and Colorado business filing fees from $20 to $1 for trade name registrations. Hopefully this $16M plus will be pumped back into the Colorado economy. The one dollar registration bargain ends at the close of the state’s fiscal year on June 30, 2023.
Starting a Business Is More Than $1 Filing Fee
Of course, there’s more to becoming a business owner than giving the secretary of state a buck. It’s a good start, however! The state has a couple of decent resources for helping new business owners.
Lastly, if you have any questions about starting a business schedule a free initial consultation.Follow me on social media: