Assembly Bill 1226 proposes an amendment to the current law regarding the filing fees for limited liability company (LLC) articles of organization with the Department of Financial Institutions (DFI). Currently, there is a standard fee of $130 for this filing, but the bill introduces a fee exemption for youth entrepreneurs, defined as individuals aged 12 to 17 who are either organizers or future members of an LLC. The bill specifies that DFI cannot collect this fee if all members or organizers of the LLC are youth entrepreneurs.

Additionally, the bill amends the existing statute by removing references to previous fee exceptions and creating a new section that outlines the criteria for youth entrepreneurs and the conditions under which the fee exemption applies. This change aims to encourage young individuals to engage in entrepreneurship by reducing the financial barriers associated with forming an LLC. The bill will take effect on the first day of the second month following its publication.

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