Now is a great time to open a new business and register your trade name in the State of Colorado! The Colorado legislature wants to continue attracting new businesses and encouraging new business activity in the state. Reasoning that many Colorado businesses suffered declines in revenue due to the COVID-19, the legislature recently passed Colorado House Bill 22-1001 which allows people to pay a mere $1 filing fee to start up and register a new business. House Bill 22-1001. The previous costs for those ranged between $10 and $50.
The newly decreased fees apply to new business registrations, new trade name registrations and updates to business information. The legislature noted that historically, new business registrations increase during an economic decline, indicating that Coloradans often turn to creating their own businesses following job loss or a decrease in employment hours. Here at TMBTQ, we definitely noticed this trend when applications for trademark registrations with the U.S. Patent and Trademark Office increased dramatically during the pandemic.
Through this bill, the State of Colorado endeavors to support Coloradans wishing to start or maintain their small business as the state and economy continues to recover from the economic effects of the pandemic, and ensure that money stays in the pockets of Colorado small business owners. The bill is sure to be beneficial for Colorado's economy. Contact us if you need help filing your trade name registration or filing documents for your new business! The legislature set aside almost eight and a half million dollars towards this effort, so it should last quite a while.
Download the text of the bill here.