Assembly Bill 266 amends the existing law regarding the filing fee for limited liability company (LLC) articles of organization with the Department of Financial Institutions (DFI). Currently, there is a $130 fee for filing these articles, but this fee is waived if all members or organizers of the LLC are classified as student entrepreneurs. The bill expands the definition of a student entrepreneur to include not only those enrolled in postsecondary institutions but also students enrolled in public, private, or tribal high schools, as well as homeschooled students.

The specific legal language amended in the bill includes the addition of criteria for student entrepreneurs, which now encompasses a broader range of educational settings. This change aims to support young individuals in starting their own businesses by removing financial barriers associated with forming an LLC. The bill will take effect on the first day of the second month following its publication and will apply to articles of organization filed from that date onward.

Statutes affected:
Bill Text: 183.0122(2)(d)1.a, 183.0122