keystone-state-make-overPennsylvania corporations are formed and operated under the state’s Business Corporation Law of 1988, which is part of Title 15 of the Pennsylvania Consolidated Statutes.  In general, any changes to the law begin with the Pennsylvania Bar Associations’s Drafting Committee, which penned the original legislation and continues to fine-tune it to place it on an equal footing with the statutes adopted by other states.

On July 1, 2015, significant new updates to the Pennsylvania statutes will go into effect, bringing to a close a multi-year effort.  The changes, which were signed into law by Governor Corbett as Act 172 in October 2014, propose to “adopt the Model Entity Transactions Act and make other changes to improve the integration of the various Pennsylvania entity laws into a more coherent code.”

 

Download: Keystone State Makeover: Changes to Pennsylvania’s business law promise easier entity conversions and more

Specifically, Act 172 provides businesses with the flexibility to undertake four kinds of entity transactions:

  • Mergers of one entity into another
  • Conversions of an entity into another form of entity
  • Interest exchanges between two entities that allow one to control the other without the need for a merger
  • Domestication in Pennsylvania of an entity formed in another state

CSC recently spoke with William H. Clark, Jr., a partner in the Corporate & Securities Practice Group of Drinker Biddle and Reath LLP, about the new rules and what they mean for Pennsylvania business entities. Find out what he had to say.  Download: Keystone State Makeover: Changes to Pennsylvania’s business law promise easier entity conversions and more

For more than a century, successful law firms have relied on Corporation Service Company (CSC) to support the clients’ many corporate filing, formation, and transactional needs. Whether you manage one or a thousand entities on your clients’ behalf, we have the tools and expertise to keep them on track. Our services include:

  • Formations
  • Articles of amendment
  • Dissolutions or withdrawals
  • Mergers
  • Registered agent
  • Certificate of good standing
  • Document retrieval
  • Apostille, authentication, and legalization
  • Doing business as (DBA) filings
  • Foreign qualification
  • Annual reports
  • UCC searches, filings and portfolio management

Request a consultation from a CSC Representative >>

Pennsylvania Laws Governing Business Entities is now available at LexisNexis >> Click here to learn more.

Keystone State Makeover: Changes to Pennsylvania’s business law promise easier entity conversions and more