Larry Laubach discusses how the adoption of Act 122 of 2022 and its revisions to Title 15 of the Pennsylvania Consolidated Statues impact businesses in the state in CPA Now. The changes are intended to align with other states’ laws, many of which can benefit management.
Under the Act, all registered Pennsylvania entities are required to file an annual report, permitting the exculpation of officers of Pennsylvania corporations, codifying the business judgment rule, permitting the renunciation of the business opportunity doctrine, and providing a procedure for ratification.
Larry also provides insight into the implications the business rule, renunciation of business opportunities, ratification of defective entity actions, and other amendments under Act 122 have on Pennsylvania businesses.
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