§ 8701. Scope and definition.
(a) Application of chapter.--This chapter applies to a general or limited partnership formed under the laws of this Commonwealth that elects to be governed by this chapter. Any partnership that desires to elect to be governed by this chapter, or to amend or terminate the election, shall file in the Department of State a statement of election, amendment or termination, as the case may be, which shall be signed by a general partner and shall set forth:
(1) The name of the partnership.
(2) The location of the principal place of business.
(3) The name of each general partner of the partnership as of the date of the statement.
(4) A statement that the partnership elects to be governed by this chapter or that the election to be governed by this chapter shall be amended or terminated, as the case may be.
(5) If the election is to be made or terminated, a statement that the election or termination has been authorized by at least a majority in interest of the partners.
Upon the filing of the statement of election, amendment or termination in the department, the election to be governed by this chapter shall be effective, amended or terminated, as the case may be.
(b) Effect of election.--As long as an election under subsection (a) is in effect, the partnership shall be governed by the provisions of this chapter and, to the extent not inconsistent with this chapter, Chapter 83 (relating to general partnerships) and, if a limited partnership, Chapter 85 (relating to limited partnerships).
(c) Definition.--As used in this chapter, the term "electing partnership" means a partnership as to which an election under subsection (a) is in effect.
(d) Cross reference.--See section 134 (relating to docketing statement).
(Dec. 19, 1990, P.L.834, No.198, eff. imd.)
1990 Amendment. Act 198 amended subsec. (a).
Cross References. Section 8701 is referred to in sections 102, 8703 of this title.
Section: 8701 8702 8703 8704 8705 8706 8707 8708 NextLast modified: October 8, 2016