Selecting a legal structure is one of the first steps in launching a business. Due to its adaptability and liability protection, a Limited Liability Company (LLC) is a popular choice among business owners. In Pennsylvania, if you have formed an LLC, you might be asking if you need to publicize it. Yes, it is the answer. All newly created LLCs are required to issue a notice of its establishment in two newspapers with general distribution in the county where the business is located under the Pennsylvania Business Corporation Law.
To ensure that the general public is aware of the new LLC’s existence, the publication requirement was put in place. The notice must provide the LLC’s name, its objectives, the names and addresses of its registered agent and principal place of business. Within 30 days of the LLC’s creation, the publishing must take place, and proof of publication must be submitted to the Pennsylvania Department of State.
Depending on the newspapers you select, the cost of printing the notice varies. The publication will cost you many hundred dollars, though. This expense must be taken into account when creating a budget for the creation of your LLC.
You must register a fake name, sometimes referred to as a “Doing Business As” (DBA) name, if you intend to conduct business using a name other than your LLC’s legal name. The price to register a fake name in Pennsylvania is $70.00. The Pennsylvania Department of State requires that you submit a registration form, which can be done online. When conducting business, you may use your DBA name once it has been approved.
For licensed professionals including doctors, lawyers, and accountants, Pennsylvania has a specific sort of LLC called a limited professional company (RPC). Each management or member of an RPC must hold a valid license for the profession in which the firm engages in business. The business’s name must also contain the abbreviation “restricted professional company” or “RPC.” An RPC might be a good choice for your company if you are a licensed professional.
Last but not least, LLCs in Pennsylvania are required to submit an annual report to the Department of State. The annual report has a fee of $70 and is due on April 15th of each year. There may be fines and penalties if the yearly report is not submitted.
In conclusion, if you have established an LLC in Pennsylvania, you are required to publish notice of the establishment of the company in two newspapers with a wide readership in the county where the company is based. When planning your budget for the establishment of your LLC, remember to account for the expense of this requirement. Additionally, you must register a fictitious name if you wish to conduct business under a name other than the legal name of your LLC. Consider setting up a restricted professional firm if you hold a professional license. In order to avoid fines and penalties, make sure to submit your annual report on time each year.
A DBA (Doing Business As) registration does expire in Pennsylvania, yes. The registration must be renewed before it expires because it is only good for five years. The business will no longer be permitted to use the DBA name if the registration is not renewed, at which point it will be deemed to have expired. To avoid any legal problems or challenges, it is crucial for businesses to maintain track of the expiration date of their registration and renew it in a timely manner.