OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http://www.cga.ct.gov/ofa

sHB-7311

AN ACT CONCERNING LIMITED LIABILITY COMPANIES AND BUSINESS CORPORATIONS.


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 18 $

FY 19 $

Secretary of the State

GF - Cost

None

375,000 - 650,000

Note: GF=General Fund

Municipal Impact: None

Explanation

The bill makes numerous changes to statutes governing limited liability companies (LLCs) and business corporations. The Secretary of State's CONCORD system and other online formation tools will need to be reprogrammed, resulting in an estimated cost ranging from $375,000 to $650,000.

The Out Years

There is no out-year cost as this is a one-time cost in FY 19.

.Sources:

Secretary of the State