New Federal & State Reporting Requirements

There are TWO new updates that all entities created in or registered to do business in the U.S. should be aware of. One update is with the State Government and one update is with the Federal Government.

State Update:

Who does this apply to:

  • Domestic Corporations
  • Domestic Nonprofit Corporations
  • Domestic Limited Liability Partnerships
  • Domestic Electing Partnerships
  • Domestic Limited Partnerships
  • Domestic Limited Liability Companies
  • Domestic Professional Associations
  • Domestic Business Trusts
  • All Registered Foreign Associations
Summary:

There is a new required annual report for all of the entities mentioned above. The deadline for filing this annual report is based on the type of association. The Department of State will mail notice to your registered address at least two months prior to your report deadline. The annual report requirement begins in calendar year 2025. Failure to file the annual report will subject your business to administrative dissolution/termination/cancellation and loss of the protection of your entity’s name.

The annual report will include the following:

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, entity number issued by the PA Department of State.

You can find the full announcement and deadlines on the State’s website here.

Federal Update:

Who does this apply to:

  • Corporations
  • Limited Liability Companies
  • Other entities created in or registered to do business in the U.S.
Summary:

All of the above entities must electronically report information regarding their owners to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). There is no fee, and the reports are only required to be filed once. The purpose of the reporting is to cut down on the use of the creation of shell companies to launder money or hide assets.

  • If you registered to do business in the U.S. before January 1, 2024, you must file your report by January 1, 2025.
  • If your company is created in or registered to do business in the U.S. on or after January 1, 2024, you must file your report within 90 days upon receipt from your Secretary of State approving your business
  • If your company is created in or registered to do business in the U.S. on or after January 1, 2025, you must file your report within 30 days upon receipt from your Secretary of State approving your business
  • Any changes to the owner information must be updated 30 days afterwards

You can find the full announcement and deadlines on the government’s website here.