8981 - Foreign limited liability companies. - Pennsylvania Statutes

SUBCHAPTER J FOREIGN COMPANIES Sec. 8981. Foreign limited liability companies. 8982. Domestication. Cross References. Subchapter J is referred to in sections 8903, 8965 of this title. § 8981. Foreign limited liability companies. (a) General rule.--A foreign limited liability company shall be subject to Subchapter K of Chapter 85 (relating to foreign limited partnerships) as if it were a foreign limited partnership, except that: (1) Section 8582(a)(5) and (6) (relating to registration) shall not be applicable to the application for registration of a foreign limited liability company. (2) If the foreign limited liability company is to be a qualified foreign restricted professional company, its application for registration shall so state and shall also contain a brief description of the professional service or services to be rendered by the company. (3) A qualified foreign limited liability company shall enjoy the same rights and privileges as a domestic limited liability company, but no more, and, except as otherwise provided by law, shall be subject to the same liabilities, restrictions, duties and penalties now in force or hereafter imposed upon domestic limited liability companies to the same extent as if it had been organized under this chapter. (b) Provision applicable to all foreign limited liability companies.--Section 8926 (relating to certain specifically authorized debt terms) shall be applicable to any obligation, as defined in section 1510 (relating to certain specifically authorized debt terms), of a foreign limited liability company executed or effected in this Commonwealth or affecting real property situated in this Commonwealth.