A gift for business from the SOS
Now is the time to clean up your corporate books!
Colorado’s Secretary of State has announced a temporary fee holiday for business filings beginning Dec. 1. All online business filings for profit and non-profit companies, including Periodic Reports, Articles of Incorporation or Organization, Corrections and Amendments are now only $1 – with a $3 security fee added to UCC filings. The holiday does not include late fees, but Reinstatements have also been cut from $100 to $1. In addition, the SOS temporarily cut notary fees to $1 as of Nov. 1, and the non-profit fee reductions took effect Oct. 1.
Filing fees may not be the reason you haven’t kept up with your business filings, but this is a great excuse get current or correct inaccuracies, file for or renew a trademark, amend your articles or convert your company.
You can easily see if your company is current by going to http://www.sos.state.co.us/biz/ . If you’ve been procrastinating on correcting or updating your articles or make other organizational changes, check in with your lawyer about doing it now. If you filed your organizational documents yourself and have never thought about them again, check in with a lawyer about whether they are correct and get them straight without paying high fees.
There is no end date for the fee holiday, but there will be one. The SOS News Release explained that they will review the reduction against their budget on a monthly basis. The SOS does not receive state tax revenues to run its operations and the filing fees from businesses are responsible for most of its operating budget. The fee holiday was made possible by the efficiencies it has gained by moving to a new online filing system. Happy holidays from the SOS.