In January 2025, the Pennsylvania Department of State will require annual reporting for most domestic and foreign filing associations, including certain corporations, limited liability companies, and limited partnerships. This change was implemented under Act 122, which is increasing reporting frequency to improve the accuracy of the state’s business directory. Entities subject to Act 122 will need to file annual reports by the required due dates for their entities to remain in good standing. Otherwise, entities may face dissolution or cancellation of their registration with the Commonwealth, among other penalties.
It is important for filing associations to update their information management policies to accommodate this radical shift in reporting and ensure they have access to the information required to complete filing. It is also an excellent opportunity for companies to review the effectiveness of all their information governance policies to ensure they still comply with any applicable law and best serve the company’s needs. Indeed, policies related to document retention, employee privacy, and bring your own devices are just a few examples of policies that may have been impacted by legislation in the last year and need revisions.
If your organization is seeking to revise policies related to information that it possesses, our team has solutions to assist clients in their efforts to maximize the usefulness of information assets while minimizing the cost and risk associated with their use. At CODISCOVR, we deliver client-focused, defensible solutions that are tailored to each organization’s specific needs. Reach out to Nicholas Berenato, Information Governance Principal, CODISCOVR. Nick is an attorney who collaborates with clients to address legal and financial exposure from their information assets through information governance. He develops strategies and policies to enable clients to effectively manage their data in a manner that minimizes costs and allows clients to leverage their data to support their business processes.
