Business entities-revisions.

14LSO-0057.C1

FISCAL NOTE

	FY 2015	FY 2016	FY 2017
NON-ADMINISTRATIVE IMPACT
Anticipated Revenue Increase:
General Fund	8,500	8,500	8,500

Source of revenue increase:

The agency expects some increase in revenue as a result of the fee changes for W.S. 17-19-122.  Based on recent years, foreign nonprofit corporations have averaged about 550 filings per year.  With the increase of the filing fee from $10 to $25, we anticipate an increase in revenue of approximately $8,500.  The agency does not anticipate any increase in revenue from the increase in fees for the conversion from a nonprofit corporation to a profit corporation.  In the past, service companies have filed a nonprofit corporation for $25 and then filed an amendment for $3 to convert from the nonprofit to the profit corporation.  This practice will most likely cease once the new fee in instituted. 

If passed, this bill would require modifications to the Wyoming Business Entity-Annual Report (WyoBEAR) application.  The changes to WyoBEAR necessary to meet the requirements in this legislation are approximately $8,550 and could be considered part of routine maintenance to the WyoBEAR application.  Thus assuming the agency's biennium budget is approved there would be no additional fiscal impact to implement this bill. 

Prepared by:   Kelley Shepp, LSO     Phone: 307-777-7881

(Information provided by: Jeri Melsness, Secretary of State's Office

Phone: 307-777-5407)