Start a Small Business with an LLC in Colorado for Just $1
You've had a hobby for a while now. You love it and so do other people. So much so that your friends and family have started to ask you if you would make something for them. Those items that you have made start to make you think you should start your own business. I am here to tell you to do it.
As someone who has a little bit of a side hustle that started as a hobby, I can tell you that it is certainly fulfilling to know that people want your creations. It's a feeling you will certainly love.
According to LLC.org, Colorado is home to two cities that are in the best places to start a side hustle in 2023. Both Colorado Springs and Denver ranked highly on the overall list. Colorado Springs ranked in the top 10 in sixth place, while Denver ranked top 20 coming in at 16.
When it comes to starting your own business, you want to make sure you can take advantage of all the tax benefits that you might get as a limited liability company. Colorado currently will let new businesses file for an LLC for 98 percent off. The price to file for an LLC in Colorado is normally $50, however, until approximately June 30, 2023, new business filers for an LLC can register for just one dollar.
This discount for an LLC started on July 1, 2022, as part of Colorado's HB22-1001 known as the Colorado Business Fee Relief Act. This act drops the LLC fee from $50 to $1 as well as a $19 credit for the fee on the tradename.
This fee relief will keep money in the pockets of small business oners, many of whom have faced adversity and uncertainty over the last few years.
Said Colorado Secretary of State, Jenna Griswold, in a press release from the State of Colorado Department of State.
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