LIMITED LIABILITY COMPANY FEES         & #160;         - S.B. 359 (S-1): COMMITTEE SUMMARY


sans-serif">Senate Bill 359 (Substitute S-1)

Sponsor: Senator Gilda Z. Jacobs

Committee: Appropriations


Date Completed: 6-3-03


CONTENT


The bill would amend the Limited Liability Company Act to increase the annual statement of resident agent and registered office fee for domestic, foreign, and professional limited liability companies from $15 to $25. The bill also would place a sunset on the fee increase of September 30, 2007. After that date, the fee would revert to $15.


MCL 450.5101


FISCAL IMPACT


The revenue that these fees would generate is approximately $1.1 million, which is being used to replace General Fund/General Purpose funding for support of basic operations of the Department of Consumer and Industry Services as well as the Bureau of Workers’ and Unemployment Compensation.


 - Fiscal Analyst: Maria Tyszkiewicz S0304\s359sa

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.