Professional Association Act

The Professional Association Act allows members of licensed professions to organize as a professional association, a business form that permits professionals to practice together under a governing instrument while limiting the personal liability of its members. It provides for formation through articles of association, management by a board of governors, adoption of bylaws, and a fixed or perpetual term of existence, and it regulates the association's name, the employment and compensation of personnel, and the distribution of earnings among the associates. It also governs the ownership interests of associates — their voting rights, transfer, and redemption — and addresses what happens when an associate becomes professionally disqualified, along with the procedures for dissolving the association.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.