The gross state product (GSP) of the “Keystone State” is $719.8 billion and hence is ranked 6th in the nation. This is definitely not the only reason why people incorporate in Pennsylvania. Pittsburgh, situated in southwest Pennsylvania is home to 8 Fortune 500 companies and in total, the state is home to almost 50 Fortune 500 companies including GE Transportation Systems, AmerisourceBergen, Tite Aid, Comcast, Kraft Heinz, PPG Industries, Aramark, and Hershey among others. What makes the Keystone state tick? An excellent business climate is one of the clearly defining factors.
Pennsylvania is home to approximately 1 million small businesses. Benefit from the state economy and incentives today!
Why Choose Pennsylvania for Incorporation?
In 2015, Pennsylvania small businesses employed approximately 2.4 million people and this rose to 2.5 million by 2017. The Keystone State is listed in Forbes #30 Best States for Business and is ranked #25 in Forbes list of states with pro-business economic climate. These are some of the reasons why company incorporation in Pennsylvania especially of small and medium sized enterprises has reaped several benefits.
Now let’s take a look at some of the salient benefits that are responsible for fuelling growth of small businesses:
- Keystone Opportunity Zones (KOZ) and Keystone Opportunity Expansion Zones (KOEZ): This is a business incentive program that will benefit those who set up companies in Pennsylvania. The primary aim of the KOZ/KOEZ program is to revive economically distressed rural and urban communities by offering businesses with market-based incentives that aid in eliminating taxes. The program is overseen by the PA Department of Community and Economic Development (DCED). Application Form
- Financial and Loan Programs: There are several financial and loans programs that you can benefit from post company incorporation in Pennsylvania. These financial incentives are made available by the Pennsylvania Department of Community and Economic Development (DCED). The most popular programs for businesses are:
– Alternative and Clean Energy Program (ACE)
– Entertainment Economic Enhancement Program (EEEP)
– Keystone Innovation Zone (KIZ) Tax Credit Program
– Job Creation Tax Credits (JCTC) Program: Check Guidelines
– High Performance Building Program (HPB)
– Innovate in PA Venture Investment Program (VIP)
– Pennsylvania First (PA First)
How do you incorporate in Pennsylvania?
What is the process of incorporation in Pennsylvania? What type of documentation is required? These are some of the common questions that you will be confronted with if you are planning to start a new business in the state. The following steps will enable understanding of the entire process:
The first step towards incorporation in Pennsylvania is choosing the type of business you want to form. You can choose to form an LLC or a Corporation. The type of business entity you want to form can be either domestic or foreign. The forms and fees will be different for each type of entity.
Business Entity Name
One of the most important steps towards incorporation in Pennsylvania is naming your business entity. You have to start by identifying, searching, reserving, or registering the business entity name. There are 3 steps towards business name formation and they are:
- Naming Requirements: A corporation under 2010 Pennsylvania Code, Title 15, § 1305 and an LLC under 15 PA Cons Stat § 8814 (2016) should contain words like “corporation”, “incorporated”, “limited liability company” or abbreviations like “corp.”, “inc.”, “ltd.”, “L.L.C.” or similar abbreviation.
- Business name search: You need to search for a business name that is not currently in use. You can conduct name search here.
- Name Reservation: Once you have identified a business entity name which is available, you can reserve the name by submitting DSCB:15-208 for Reservation of the Business Entity Name. The form for reservation of name has to be submitted to the Office of the Secretary of State and should be compliant with the requirements of the provisions of 15 Pa.C.S. § 208. It will be effective for a period of 120 days.
- A foreign business entity will have to register their business name using Form DSCB:54-311.
Choose a Registered Agent
Whether you form a corporation or an LLC business entity, in order to transact business in the state of Pennsylvania, you will have to maintain a registered agent pursuant to 15 PA Cons Stat § 8825 (2016) for LLC and 2010 Pennsylvania Code, Title 15, § 1507 for Business Corporations.
We are one of the respected registered agents in Pennsylvania and will be responsible for initiating incorporation in Pennsylvania through processing of your “Certificate of Formation”, and “Articles of Incorporation” for domestic entities and “Application for Registration” for foreign business entities.
Articles of Incorporation and Certificate of Authority
You will be required to submit “Articles of Incorporation” if your business is a domestic corporation and a “Certificate of Authority” if it is a foreign business entity. In order to streamline the process of incorporation in Pennsylvania, we can file and documents on your behalf through the online process or through expedited process.
Date Stamped Copies
As part of the process of company incorporation in Pennsylvania, we will ensure, you receive date-stamped and filed copies that verifies that the state has filed as well as formed your corporation.
Costs and Fees associated with Pennsylvania Incorporation
What would it cost to set up company in Pennsylvania? Check Fees here!