COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 3742-01
BILL NO.: SB-837
SUBJECT: Business and Commerce
TYPE: Original
DATE: 02-10-2000
FISCAL SUMMARY
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| General Revenue | unknown | unknown | unknown |
| Total Estimated
Net Effect on All State Funds |
unknown | unknown | unknown |
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Department of Insurance officials assume no fiscal impact.
Officials of the Office of Secretary of State assume that all limited liability companies would be required to make certain filings with the Secretary of State pursuant to Section 347.041.0 (3) and (4), RSMo.
Officials assume depending on the number of additional filings that storage and administrative functions could be absorbed at current appropriation levels, however, if the filings were to be greater than estimated, storage space and additional FTE might be required at some later date.
Officials assume that each limited liability company when making filings required by this proposal would pay a filing fee which is currently set at $25.00. Officials stated that it is not possible to predict how many annual filings would be made by the approximately 34,000 limited liability companies registered with the Secretary of State, therefore, SOS officials could not estimate the amount of revenue that would go into the State's General Revenue Fund.
Oversight will show income to the State's General Revenue Fund from annual filing fees in the Secretary of State's office as a positive unknown.
| FISCAL IMPACT - State Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
| GENERAL REVENUE FUND | |||
| Income to General Revenue Fund*
from Secretary of State filing fees |
unknown |
unknown |
unknown |
*Income would depend upon the number of filings by limited liability companies.
| FISCAL IMPACT - Local Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
All limited liability companies would be required to comply with this proposal and would make some limited additional filings with the Office of Secretary of State. Companies would be expected to be impacted to the extent that they would pay a filing fee for each filing made.
DESCRIPTION
This act modifies the requirements regarding a limited liability company's articles of organization. Under the act, a limited liability company's articles of organization shall contain the names and addresses of its managers if the company's management is vested in one or more managers. If the management of the company is vested in its members, then the articles must contain the names and addresses of its members. This act also modifies the amendment procedure for a limited liability company.
A limited liability company's articles of organization shall be amended to reflect a change in management.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Secretary of State
Department of Insurance
Jeanne Jarrett, CPA
Director
February 10, 2000