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Limited liability in certain cases - 15 Pa. Cons. Stat. § 8705

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     § 8705.  Limited liability in certain cases.
        (a)  General rule.--The liability of a partner of an electing
     partnership for the debts and obligations of the partnership
     shall be satisfied out of partnership assets alone if:
            (1)  the debt or obligation arises from a transaction or
        occurrence in which the person dealing with the partnership
        has notice, as defined in section 8303(b) (relating to
        notice), that this section is applicable to the partnership;
        or
            (2)  the fact that this section is applicable to the
        partnership has been advertised in the manner provided by
        section 8357(a)(2)(ii) (relating to power of partner to bind
        partnership to third persons).
        (b)  Exceptions.--Subsection (a) does not apply:
            (1)  Unless otherwise agreed by the obligee, to a debt or
        obligation arising prior to the time a partnership becomes an
        electing partnership and complies with subsection (a)(1) or
        (2).
            (2)  To a transaction or occurrence involving the
        furnishing or sale of any goods or services by the
        partnership.
        (c)  Professional relationship unaffected.--Subsection (a)
     shall not afford the partners of an electing partnership
     providing professional services with greater immunity than is
     available to the officers, shareholders, employees or agents of
     a professional corporation. See section 2925 (relating to
     professional relationship retained).
     (Dec. 7, 1994, P.L.703, No.106, eff. 60 days)

        1994 Amendment.  Act 106 added subsec. (c).
        Cross References.  Section 8705 is referred to in section
     8707 of this title.

Last modified: November 27, 2007