Federal and State Laws
15 Pennsylvania Consolidated Statutes Chapter 87 - Electing Partnerships
Section 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...
Section 8702 - Centralized Management
The business and affairs of every electing partnership shall be managed by one-third or less, but not less than one, of the partners selected...
Section 8703 - Continuity Of Life
An electing partnership shall not be dissolved by the death, dissolution, insanity, retirement, resignation or expulsion of a partner or by the bankruptcy of...
Section 8704 - Free Transferability Of Interests
The agreement between the partners of an electing partnership may provide that the property rights of a partner in the partnership shall be evidenced...
Section 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...
Section 8706 - One Person As Both Partner And Employee
(a) General rule.--A person may be a partner in and an employee of the same electing partnership at the same time. (b) Effect.--A person...
Section 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...
Section 8708 - Taxation Of Electing Partnerships
For the purposes of the imposition by the Commonwealth or any political subdivision of any tax or license fee on or with respect to...
Last modified: October 8, 2016