Bill > S1643

This bill, titled "Reducing the costs for small business," proposes changes to the organization of limited liability companies (LLCs) to reduce administrative costs for businesses. Specifically, it amends Section 12 of Chapter 156C of the General Laws by removing the existing fee structure for filing a certificate of organization and an annual report, and replacing it with a new fee schedule. Under the proposed changes, the fee for filing the initial certificate of organization, which officially creates an LLC, will be $500, and the fee for filing the annual report, a required yearly update for LLCs, will be $250. These fees are to be paid to the state secretary at the time of filing. The bill also specifies that Section 1 of the act will take effect immediately upon passage, while Section 2, which contains the fee changes, will become effective starting January 1, 2016.