8102 - Interchangeability of partnership, limited liability company and corporate forms of organization. - Pennsylvania Statutes

§ 8102. Interchangeability of partnership, limited liability company and corporate forms of organization. (a) General rule.--Subject to any restrictions on a specific line of business made applicable by section 103 (relating to subordination of title to regulatory laws): (1) Any business that may be conducted in a corporate form may also be conducted as a partnership or a limited liability company. (2) A domestic or foreign partnership or limited liability company may exercise any right, power, franchise or privilege that a domestic or foreign corporation engaged in the same line of business might exercise under the laws of this Commonwealth, including powers conferred by section 1511 (relating to additional powers of certain public utility corporations) or other provisions of law granting the right to a duly authorized corporation to take or occupy property and make compensation therefor. (b) Exceptions.--Subsection (a) shall not: (1) Affect any law relating to the taxation of partnerships, limited liability companies or corporations. (2) Apply to a banking institution, credit union, insurance corporation or savings association, unless the laws relating thereto expressly contemplate the conduct of the regulated business in partnership or limited liability company form. See section 8911 (relating to purposes). (3) Except as otherwise provided by law, permit a partnership to provide full limited liability for all of the investors therein or otherwise fail to preserve the intrinsic differences between the partnership and corporate forms. (Dec. 19, 1990, P.L.834, No.198, eff. imd.; Dec. 7, 1994, P.L.703, No.106, eff. 60 days) Cross References. Section 8102 is referred to in sections 8302, 8911, 8921 of this title.