You learn something new every day.
I posted a while back about Pennsylvania’s decennial report requirement – which, if you don’t know about that, now you don’t need to know about that because it’s been repealed.
Someone asked if there were any annual requirements, fees or reports, that PA business owners needed to file. I was about to say “no,” but I did a quick little Google search just to double check before I replied. And it turns out – now there is.
As of November 3, 2022, if you are a business registered in Pennsylvania, you will have to file an annual report, which is bummersauce. But it does look like it should be a relatively easy process. You just need to include:
- your business name,
- jurisdiction of formation,
- registered office address,
- name of at least one governor (that’s a partner or a member; you if you’re a solopreneur),
- names and titles of the principal officers,
- address of the principal office,
- and entity number issued by the Pennsylvania Department of State.
The annual report fee is just $7. Nothing that’s going to break the bank. It’s just perhaps more of a nuisance now that there is additional paperwork you have to file every year. But on the other hand, maybe it’s easier to remember that you have to file an annual report instead of keeping track of when a decennial report is due (that is, a report that’s due every 10 years).
The decennial report was $70 to file. The new annual report will only cost $7, so the math works out. Also, this doesn’t go into effect until 2025, and penalties won’t be issued for failure to file until 2027, so you don’t really need to worry about this right now. But you should file this away in your mind palace for safekeeping.
I’ll do my best to keep you abreast of other changes in laws that affect solo entrepreneurs and other self-employed individuals. If there is anything inaccurate or needs to be updated in what I’ve reported, please don’t hesitate to leave a comment and set me straight.
Just something new I learned today and I want to pass along to my fellow Commonwealthers out there. I hope you have a ton of fun filling out more paperwork in 2025!
Annual Reports in Pennsylvania, PA Department of State (accessed May 18, 2023). https://www.dos.pa.gov/BusinessCharities/Business/Resources/Pages/Annual-Reports.aspx