Certain businesses would have to re-register with the state of Missouri under legislation filed by St. Joseph State Rep. Bill Falkner.
Under House Bill 1590, limited liability corporations would have to register with the Missouri Secretary of State’s office every five years. Currently, LLCs only register with the state upon the company initiation.
“Right now after the LLCs are formed, there’s not much they have to do unless they change a registered agent,” Falkner said. “Then by law they are supposed to re-register.”
Falkner’s legislation, which is similar to Senate Bill 720, would charge a nominal fee for those companies to register.
“It’s not something they’re going to be making a lot of money on,” Falkner said. “It’s a $10 fee every five years.”
Falkner said bordering states like Kentucky charge an annual fee of $300 for LLCs. Meanwhile, Kansas charges an annual fee of $55, while Iowa forces businesses to file every other year at $45. Nebraska also requires LLCs to refile every other year with a fee of $10.
“So it’s by no means going to make money for the state,” he said. “It’s just allowing them to keep more accurate information on LLCs that are current.”
According to the Missouri Secretary of State, there are more than 600,000 registered LLCs in the state. Falkner said there’s no way to find out which LLCs still are active, which can cause headaches for people who want to start a new LLC with a name that’s already taken.
“It’s just a way to keep information current,” Falkner said.