There are many important amendments that have recently come into effect or will soon be for Pennsylvania business associations. Late last year, then-Gov. Tom Wolf signed House Bill 2057 into law (known as Act 122). Through this legislation, the “Associations Code”—Title 15 of the Pennsylvania Consolidated Statutes—was updated to account for certain changes in connection therewith. The most notable is the annual reporting requirements for certain entities, which we will break down here, along with other major changes.
Reporting Requirements and Deadlines
The updates to Title 15 include important changes to corporate reporting requirements for domestic filing entities, domestic limited liability partnerships, domestic electing partnerships that are not limited partnerships, and registered foreign associations. These entities will soon be required to file annual reports, replacing the prior practice of decennial reporting and bringing Pennsylvania in line with corporate procedures in other states.