Our own Paul T. Rushton and Lee S. Piatt presented a seminar titled “Back to the Drawing Board: Recent Law Changes and M&A Developments Warrant Reconsideration of Governance Documents by Closely Held Businesses” at the Business Law Institute in Philadelphia this past Tuesday.
The presentation explained how several changes to Pennsylvania’s Business Corporation Law (“BCL”) that were promulgated by Act 122 of 2022 and the increased prevalence of mandatory F reorganizations and “roll-over” equity in acquisitions of closely held businesses should prompt practitioners to revisit the provisions that are included in the governance documents for their S Corporation clients. Paul and Lee also described at the seminar certain modifications to such governance documents that S Corporation clients may desire to adopt to take advantage of certain favorable changes to the BCL and to prepare to sell their business in today’s M&A environment more easily.
Paul and Lee are members of RJG’s Business & Finance Department and the Closely Held Business Committee of the Pennsylvania Bar Association. They both regularly advise closely held businesses about governance issues and preparing to sell such businesses. If you have any questions about these issues, please contact Paul (prushton@rjglaw.com) or Lee (lpiatt@rjglaw.com) via e-mail or call 570-826-560
Original source can be found here.