West Virginia Is Leading The Charge For Young Entrepreneurs

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.

Ready to start your own business or need help with maintenance? Give us a call at 1877 692 672 or visit us at www.MyCorporation.com.

Deborah Sweeney

Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on the benefits of incorporation and trademark registration. Education: Deborah received her Juris Doctor and Master of Business Administration degrees from Pepperdine University, and has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in corporate and intellectual property law. Experience: After becoming a partner at LA-based law firm, Michel & Robinson, she became an in-house attorney for MyCorporation, formerly a division in Intuit. She took the company private in 2009 and after 10 years of entrepreneurship sold the company to Deluxe Corporation. Deborah is also well-recognized for her written work online as a contributing writer with some of the top business and entrepreneurial blogging sites including Forbes, Business Insider, SCORE, and Fox Business, among others. Fun facts/Other pursuits: Originally from Southern California, Deborah enjoys spending time with her husband and two sons, Benjamin and Christopher, and practicing Pilates. Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Deborah, and MyCorporation, have previously been honored by the San Fernando Valley Business Journal’s List of the Valley’s Largest Women-Owned Businesses in 2012. MyCorporation received the Stevie Award for Best Women-Owned Business in 2011.