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Changes to Business Entities Code

On April 1, 2017, all Pennsylvania limited partnerships and limited liability companies must follow new procedural requirements when winding down the company.  The changes to the Business Entities Code were signed into law in November 2016.  The most important amendment is to the dissolution procedure for both LLCs and LPs.

Companies are required to file a Statement of Termination once all debts and assets are resolved in order to remove the company from the State’s records.  LPs and LLCs can file Dissolution Certificates with the state while the company is in the process of being dissolved, but this Certificate no longer removes the company from the State’s records.

To see all of the changes and determine how they might affect your business, the complete law can be found on the Pennsylvania General Assembly website.

Our attorneys have extensive experience guiding LLCs and LPs through everything from formation to dissolution and are always up to date on the latest laws governing these filings. Contact partner Keith Leonard at (215) 567-1530 for more information on how we can help your business in Pennsylvania.

 

Published March 27, 2017

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