Starting in July, Colorado entrepreneurs will pay only $1 to form limited liability companies and register trade names for business entities.

The lower fees were implemented as part of state legislation intended to save Colorado businesses and their owns more than $8.4 million in fees for filing documents with the Colorado Secretary of State’s Office during the 2022 and 2023 fiscal year.

“I will always work to cut costs and red tape for Colorado businesses that are the backbone of our communities,” said Colorado Secretary of State Jena Griswold. “This fee relief will keep money in the pockets of small business owners, many of whom have faced adversity and uncertainty over the last few years.”

Filers will pay only $1 for initial LLC formations and initial trade name registrations — which are normally $50 and $20, respectively. 

Filers will see a $49 credit on the fee for LLC formation and $19 credit for the fee on the trade name registration.

The reduction in filing fees under the relief program will remain in place during 2022-2023 fiscal year or until the amount of the general fund transfer is exhausted. It’s expected funding for fee relief will remain available until at least June 30, 2023.