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.