Modification by agreement - 15 Pa. Cons. Stat. § 8707
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Pennsylvania Statutes
§ 8707. Modification by agreement.
(a) General rule.--The provisions of this chapter are
intended to permit an electing partnership to qualify for
taxation as an association under the United States Internal
Revenue Code and to permit partners of an electing partnership
to be employed by, and compensated as employees of, the
association. The agreement between the partners of an electing
partnership may effect any change in the form of organization of
the partnership in addition to or in contravention of the
changes authorized by this chapter that may be necessary to
accomplish those purposes but only to the extent necessary to
accomplish those purposes.
(b) Exception.--A provision adopted under subsection (a)
shall not modify section 8705 (relating to limited liability in
certain cases).
Section: 8594 8701 8702 8703 8704 8705 8706 8707 8708 8901 8902 8903 8904 8905 8906
Last modified: November 27, 2007
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