Client Alert: New Annual Filing Requirements and Deadlines for Pennsylvania Businesses
On November 3, 2022, Pennsylvania’s governor signed Act 122 of 2022 (“Act 122”) into law amending various provisions of Pennsylvania’s Business Corporation Law (“BCL”). One of these amendments involved the repeal of Pennsylvania’s decennial reporting requirement for business entities in favor of an annual reporting requirement under Section 146 of the BCL (15 Pa.C.S.A. § 146). The purpose of this new annual reporting requirement is to allow Pennsylvania’s Department of State (“DOS”) to maintain more accurate records of all entities registered in the Commonwealth by identifying and eliminating entities which have become inactive or “defunct.” Read more here.
About the Authors
Brian W. Bisignani is a Principal and Chair of the Firm's Bankruptcy & Creditors' Rights Group. His practice encompasses the areas of business reorganizations and financial restructurings, commercial bankruptcy law and litigation, commercial loan restructurings, and corporate and business law.
Ryan W. Morris is an Associate in the firm's Corporate Practice Group. He concentrates his practice in the areas of business and corporate law, with an emphasis on assisting clients with matters related to entity formation and governance, regulatory compliance, corporate transactions, and general business counseling. As part of his practice, Mr. Morris routinely reviews, drafts and negotiates complex commercial contracts and agreements, and advises businesses on long-term strategies for the development and protection of their intellectual property and branding through the use of copyrights, trademarks, and trade secrets. Mr. Morris's clients include both public and privately-held for-profit companies and nonprofit organizations of varying sizes, with operations spanning multiple industries, including health care, banking and financial services, retail and hospitality, manufacturing, construction, transportation, consulting, and professional services.