The following is news from the Office of Sen. Jim Moylan:
Senator James Moylan’s Bill 133-35, which proposes to reduce the filing fees for Limited Liability Corporations (LLC’s) was passed by the 35th Guam Legislature this afternoon. The measure proposes to reduce the one-time filing fee for the Articles of Organization for an LLC from $1,000 to $250 to attract additional filings on island, and more importantly to encourage the growth of small business entrepreneurship.
National averages for LLC filing fees range between $40 to $500, with an average fee of$127. The LLC is a preferred business structure for many small businesses, as it provides shareholders the protection from liability beyond their contribution. By reducing the filing fees, the opportunity to encourage sole proprietors or potential small business owners to file for an LLC increases, which in turn has the potential of creating new jobs and contributing to Guam’s tax base and economic activity.
“As we enter the new normal of commerce, a greater focus needs to be made regarding encouraging small business entrepreneurship and financial independence. Bill 133-35 is a business-friendly measure, and we humbly request Governor Leon Guerrero’s consideration of signing the measure into law, as we can experience a spurt in the growth of small entities on the island.”, states Senator Moylan. “As a government, we need to simplify the process to start a business, and for this I would like to thank my colleagues for their support of Bill 133-35, as costs are typically a barrier to entry for many small businesses.”, added Senator Moylan.
Bill 133-35 passed with 13 votes.
