(a) General rule.-- For the purposes of the imposition by the Commonwealth of any tax or license fee on or with respect to any income, property, privilege, transaction, subject or occupation, other than the corporate net income tax, capital stock and foreign franchise tax and personal income tax, a domestic or foreign limited liability company shall be deemed to be a corporation organized and existing under Part II (relating to corporations), and a member of the company, as such, shall be deemed to be a shareholder of a corporation. (b) Financial institutions.-- For purposes of the bank shares tax and the mutual thrift institutions tax, a bank, bank and trust company, trust company, savings bank, building and loan association, savings and loan association or savings institution that is a domestic or foreign limited liability company shall be considered an "institution" as defined by Article VII or Article XV of the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971. (c) Political subdivisions.-- Nothing in this section shall impair or preempt the ability of a political subdivision to levy, assess or collect any applicable taxes or license fees authorized under the act of December 31, 1965 (P.L.1257, No.511), known as The Local Tax Enabling Act, on any limited liability company. SUBCHAPTER D RELATIONS OF MEMBERS TO EACH OTHER AND TO LIMITED LIABILITY COMPANY Sec. 8841. Becoming a member. 8842. Form of contribution. 8843. Liability for contributions. 8844. Sharing of and right to distributions before dissolution. 8845. Limitations on distributions. 8846. Liability for improper distributions. 8847. Management of limited liability company. 8848. Reimbursement, indemnification, advancement and insurance. 8849. (Reserved). 8849.1. Standards of conduct for members. 8849.2. Standards of conduct for managers. 8850. Rights to information.
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