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2024 Brings New Corporate Reporting Requirements

Posted by James W. Creenan | Dec 31, 2023 | 0 Comments

We wish to inform you of two significant changes impacting the obligation of companies like yours to file annual reports with government agencies.

Congress adopted the Corporate Transparency Act mandating the reporting of beneficial ownership information ("BOI") by most companies.  Basically, CTA requires disclosure of the owners all legal entities unless an exception applies.  The CTA reporting period for existing "reporting" companies begins on January 1, 2024 and must be completed by January 1, 2025.  A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company's creation or registration to file its initial BOI report.  Contact us to learn if you meet one of the 23 exceptions or if you need assistance with the CTA BOI filing requirements.

Pennsylvania's Act 122 law takes effect January 1, 2024 and requires the filing of an Annual Report for all registered entities.  The Annual Report requires each entity supply the following information: Business name; Jurisdiction of formation; Registered office address; Name of at least one governor (director, member, partner, etc. depending on type of association); Names and titles of the principal officers, if any; Address of the principal office; and, Entity number issued by the Pennsylvania Department of State.  The Department of State has mandated deadlines of June 30 for corporations and September 30 for LLCs.  Foreign entities have until December 31.

Please note that our office can assist with these filings for your company; however, we cannot do so without your express authorization.

For our clients utilizing our Counsel Access Plan, please expect to receive an additional communication directly from our office with further instructions.

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James W. Creenan



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