SB00416 Summary

• Removes the $120 filing fee for certificates of organization for limited liability companies effective July 1, 2018.

• Exempts single-member limited liability companies with less than $10,000 annual income from the $250 affected business entity tax for that taxable year.

• Exempts single-member limited liability companies from filing annual reports for the two taxable years immediately following formation or registration if income is less than $10,000 in each year.

• Clarifies that the affected business entity tax is not imposed on transactions for which filing fees are charged or on the filing of certificates of organization.