ECONOMY
Aug 16, 2022
By The Colorado Springs Business Journal Staff Writer
Since July 1, when fees to open a new business in Colorado were cut to $1, 17,000 new business registrations and 5,200 trade names have been filed with the Colorado Secretary of State’s Office.
Since July 1, when fees to open a new business in Colorado were cut to $1, 17,000 new business registrations and 5,200 trade names have been filed with the Colorado Secretary of State’s Office.
Secretary of State Jena Griswold said in just six weeks, the Colorado Business Fee Relief Act (House Bill 22-1001) "has already kept more than $925,000 in the pockets of Colorado small business owners and entrepreneurs."
Under HB 22-1001, business owners and entrepreneurs only pay $1 for initial LLC formations and initial trade name registrations, which previously cost $50 and $20 respectively.
"This new law keeps money in the pockets of business owners and entrepreneurs across the state so they can continue to innovate and create businesses that provide good-paying jobs for Coloradans,," Griswold said in a news release.
"We must continue to do all we can to support Colorado’s working families and the small businesses that are critical to our economy and communities.”
The Colorado Business Fee Relief Act is expected to save more than $8.4 million in business fees for filing documents during the 2022-23 fiscal year. The act was sponsored by Reps Lisa Cutter and Tom Sullivan, and Senators Brittany Pettersen and Chris Kolker, and supported by Gov. Jared Polis.