2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 89 - Limited Liability Companies
8995 - Application and effect of subchapter.

                               SUBCHAPTER L
                    RESTRICTED PROFESSIONAL COMPANIES

     Sec.
     8995.  Application and effect of subchapter.
     8996.  Restrictions.
     8997.  Taxation of restricted professional companies.
     8998.  Annual registration.
     § 8995.  Application and effect of subchapter.
        (a)  General rule.--This subchapter shall be applicable to a
     limited liability company that is a restricted professional
     company.
        (b)  Application to limited liability companies generally.--
     Except as provided in section 8997 (relating to taxation of
     restricted professional companies), the existence of a provision
     of this subchapter shall not of itself create any implication
     that a contrary or different rule of law is or would be
     applicable to a limited liability company that is not a
     restricted professional company. This subchapter shall not
     affect any statute or rule of law that is or would be applicable
     to a limited liability company that is not a restricted
     professional company.
        (c)  Laws applicable to restricted professional companies.--
     Except as otherwise provided in this subchapter, this chapter
     shall be generally applicable to all restricted professional
     companies. The specific provisions of this subchapter shall
     control over the general provisions of this chapter.
        (d)  Election of restricted professional company status.--At
     the time an existing limited liability company that has
     previously conducted a business not involving the rendering of a
     restricted professional service begins to render one or more
     restricted professional services, the company shall amend its
     certificate of organization to include the statement required by
     section 8913(7) (relating to certificate of organization). For
     purposes of sections 8925 (relating to taxation of limited
     liability companies) and 8997, the company shall be deemed to
     have become a restricted professional company on the first day
     of the taxable year of the company following the taxable year in
     which the amendment of its certificate of organization required
     by this subsection is filed.
        (e)  Termination of restricted professional company status.--
     Except as provided in this subsection, the status of a
     restricted professional company as such shall terminate, and the
     company shall cease to be subject to this subchapter, at such
     time as it ceases to render any restricted professional
     services. Upon ceasing to render any restricted professional
     services, the company shall amend its certificate of
     organization to delete the statement required by section
     8913(7). For purposes of sections 8925 and 8997, the company
     shall be deemed to have ceased being a restricted professional
     company on the first day of the taxable year of the company
     following the taxable year in which it ceased to render any
     restricted professional services.