§ 8702. Centralized management.
134 words·~1 min read·
/pa/title-15/chapter-87/8702A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 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 for that purpose in the manner provided by any agreement between the partners, and no other partner shall have a right to participate in the management of the partnership. A partner of an electing partnership shall be an agent of the partnership only to the extent that an employee of the partnership would be under like circumstances. In making such a determination, the court may consider among other things whether a person dealing with the partnership has knowledge, as defined in section 8413(a) (relating to knowledge and notice), that this section is applicable to the partnership.
15c8702v
(Nov. 21, 2016, P.L.1328, No.170, eff. 90 days)
15c8703s