Business Counseling
Related Insights
12.16.2024
Client Advisories
Pennsylvania’s New Annual Filing Requirement for Business Entities and Nonprofit Organizations
Beginning January 1, 2025, Pennsylvania is introducing a new annual filing requirement for all business entities, including nonprofit organizations. The new annual filing is mandatory for entities registered with the Pennsylvania Department of State and replaces the now defunct decennial filing. This alert summarizes the key aspects of the new law and its implications for your organization.
11.18.2024
Client Advisories
Understanding Your Obligations Under the Corporate Transparency Act (Updated November 2024)
QUESTION 6: WHAT IS A 25% OR MORE OWNERSHIP INTEREST?A person who owns or controls 25% or more of the ownership interests of the reporting company is a beneficial owner. Any of the following may be an ownership interest in a reporting company:
10.04.2024
Client Advisories
Forming a Business Entity: New Jersey, New York, Pennsylvania or Texas vs. Delaware
Clients often ask whether they should form their business entity in Delaware. Delaware is an ideal jurisdiction for public companies and private companies with venture capital and private equity investors. However, Delaware may not be ideal for a local business operating in New Jersey, New York, Pennsylvania, or Texas. For example, if a business is formed in Delaware, but will be operated in another state, the business will have to file papers and pay initial and likely annual fees in two states. For many clients, forming a business in New Jersey, New York, Pennsylvania or Texas is perfectly acceptable. This paper describes some of the advantages and disadvantages of forming a business entity in Delaware, and then outlines the initial and annual costs involved in forming a corporation or limited liability company in New Jersey, New York, Pennsylvania, Texas, and Delaware.There are some advantages of being a Delaware company, but they are probably not important to most small businesses operating in New Jersey, New York, Pennsylvania, or Texas. The advantages are: