Whenever most people think about start-ups and young entrepreneurs, their minds tend to picture Silicon Valley or Silicon Beach. Though California is synonymous with up and coming businesses, it may not be for much longer.
Across the country, West Virginia passed legislation on March 12, 2016 that is breaking down the barriers of entry for young entrepreneurs. Effective July 1, 2016, West Virginia House Bill 2897, also known as the Young Entrepreneur Reinvestment Act, will waive business filing fees for residents under the age of 30. Filing exemptions for non-profit and for-profit corporations as well as limited liability corporations are included in this bill.
A new special form to apply for the exemption is being issued as well as revised business formation forms. Generally, a photocopy of acceptable proof of age and proof of residency as described in the instructions to the new form will have to be filed with the formation and exemption forms.
However, the Young Entrepreneur Reinvestment Act will not last indefinitely. The duration for the program is two years from the start date concluding on June 30, 2018. This timeframe allows for an influx of new residents to take advantage of the program. It is unknown whether other states will follow suit with similar legislation but what is known is July in West Virginia is the best time for young entrepreneurs to get started on their next big business idea.
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