| 1 | 1 | | LRB-5363/1 |
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| 2 | 2 | | ARG:wlj |
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| 3 | 3 | | 2023 - 2024 LEGISLATURE |
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| 4 | 4 | | 2023 SENATE BILL 881 |
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| 5 | 5 | | January 5, 2024 - Introduced by Senators B RADLEY, PFAFF, BALLWEG, |
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| 6 | 6 | | CABRAL-GUEVARA, NASS, ROYS and SPREITZER, cosponsored by Representatives |
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| 7 | 7 | | OLDENBURG, DOYLE, EDMING, BEHNKE, CONLEY, CONSIDINE, JACOBSON, JOERS, |
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| 8 | 8 | | MAXEY, O'CONNOR, PALMERI, RETTINGER, SAPIK, SCHMIDT, SHANKLAND and |
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| 9 | 9 | | SUBECK. Referred to Committee on Financial Institutions and Sporting |
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| 10 | 10 | | Heritage. |
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| 11 | 11 | | ***AUTHORS SUBJECT TO CHANGE*** |
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| 12 | 12 | | AN ACT to amend 183.0122 (2) (d) 1. a. of the statutes; relating to: the fee for |
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| 13 | 13 | | filing limited liability company articles of organization with the Department of |
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| 14 | 14 | | Financial Institutions. |
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| 15 | 15 | | Analysis by the Legislative Reference Bureau |
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| 16 | 16 | | This bill expands the filing fee exception for a student entrepreneur who forms |
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| 17 | 17 | | a limited liability company (LLC). |
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| 18 | 18 | | Current law establishes a fee of $130 for filing LLC articles of organization with |
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| 19 | 19 | | the Department of Financial Institutions. However, DFI may not collect this fee if |
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| 20 | 20 | | the LLC members or organizers are all student entrepreneurs. A “student |
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| 21 | 21 | | entrepreneur" is defined as a student who is at least 18 years of age, enrolled in a |
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| 22 | 22 | | postsecondary institution in this state, and an organizer or member of an LLC |
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| 23 | 23 | | formed as a business start-up. |
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| 24 | 24 | | This bill expands the definition of “student entrepreneur” to include a student |
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| 25 | 25 | | enrolled in a public, private, or tribal high school in this state. |
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| 26 | 26 | | For further information see the state fiscal estimate, which will be printed as |
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| 27 | 27 | | an appendix to this bill. |
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| 28 | 28 | | The people of the state of Wisconsin, represented in senate and assembly, do |
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| 29 | 29 | | enact as follows: |
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| 30 | 30 | | SECTION 1. 183.0122 (2) (d) 1. a. of the statutes is amended to read: |
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| 34 | 34 | | 4 - 2 -2023 - 2024 Legislature LRB-5363/1 |
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| 35 | 35 | | ARG:wlj |
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| 36 | 36 | | SECTION 1 SENATE BILL 881 |
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| 37 | 37 | | 183.0122 (2) (d) 1. a. The student is enrolled in a postsecondary institution in |
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| 38 | 38 | | this state or in a public, private, or tribal high school in this state. |
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| 39 | 39 | | SECTION 2.0Initial applicability. |
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| 40 | 40 | | (1) This act first applies to articles of organization filed on the effective date of |
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| 41 | 41 | | this subsection. |
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| 42 | 42 | | SECTION 3.0Effective date. |
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| 43 | 43 | | (1) This act takes effect on the first day of the 2nd month beginning after |
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| 44 | 44 | | publication. |
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| 45 | 45 | | (END) |
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