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Pagosa Springs
Thursday, August 18, 2022

Reduction of fees to $1 for filings required to open a new business announced

Secretary of State Jena Griswold’s office

Recently, Secretary of State Jena Griswold announced the implementation of HB22-1001, the “Colorado Business Fee Relief Act.”

As of July 1, business owners and entrepreneurs across the state will only pay $1 for the new formation of an LLC and the new registration of a trade name for business entities. 

“I will always work to cut costs and red tape for Colorado businesses that are the backbone of our communities,” said Griswold. “This fee relief will keep money in the pockets of small business owners, many of whom have faced adversity and uncertainty over the last few years.”

Filers will only pay $1 for initial LLC formations and initial trade name registrations which are normally $50 and $20, respectively. Filers will see a $49 credit on the fee for LLC formation and a $19 credit for the fee on the tradename registration. The reduction in filing fees under this fee relief program will remain in place during fiscal year 2022-2023 or until the amount of the general fund transfer is exhausted. The department estimates this fee relief will last until June 30, 2023.

HB22-1001, will save Colorado businesses and entrepreneurs more than $8.4 million in business fees for filing documents with the Colorado Secretary of State’s Office during the fiscal year beginning on July 1. 

The more than $8.4 million in business fees that the secretary of state seeks to reduce in fiscal year 2022-2023 is part of a cross-government fee reduction effort with the governor’s office and the majority leadership in the legislature.

The full text of the bill can be found at https://leg.colorado.gov/bills/hb22-1001.

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