LRBs0255/1
ARG:amn
2015 - 2016 LEGISLATURE
ASSEMBLY SUBSTITUTE AMENDMENT 1,
TO ASSEMBLY BILL 732
February 8, 2016 - Offered by Representative Edming.
AB732-ASA1,1,2
1An Act relating to: the fee for filing limited liability company articles of
2organization with the Department of Financial Institutions.
Analysis by the Legislative Reference Bureau
This substitute amendment creates, for student entrepreneurs, a one-year
exemption to the $130 initial filing fee for articles of organization to form a limited
liability company. The fee exemption is available to students enrolled in
postsecondary institutions in this state. The exemption is available to these students
who form a limited liability company as a business start-up in a field related to
engineering, computer science, alternative energy research, biology, chemistry,
physics, or other life science or physical science.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB732-ASA1,1,44
(1)
Temporary exemption from LLC filing fee for certain business start-ups.
AB732-ASA1,1,65
(a) In this subsection, "student entrepreneur" means a student to whom all of
6the following apply:
AB732-ASA1,2,1
11. The student is enrolled in a postsecondary institution in this state.
AB732-ASA1,2,6
22. The student is an organizer of a limited liability company under section
3183.0201 of the statutes or will be a member of the limited liability company upon
4its formation, and the limited liability company is being formed as a business
5start-up in a field related to engineering, computer science, alternative energy
6research, biology, chemistry, physics, or other life science or physical science.
AB732-ASA1,2,107
(b) Notwithstanding section 183.0114 (1) (a) and (3) of the statutes, from May
81, 2016, to May 1, 2017, the department of financial institutions may not collect a fee
9for filing articles of organization to form a limited liability company under chapter
10183 of the statutes if all of the following apply:
AB732-ASA1,2,12
111. All members of the limited liability company, upon its formation, are student
12entrepreneurs.
AB732-ASA1,2,16
132. If the limited liability company is formed by any organizer under section
14183.0201 of the statutes who will not a become member of the limited liability
15company upon its formation, all such organizers of the limited liability company are
16student entrepreneurs.
