Professional Service Corporation Act

Illinois · Business Organizations · §§ 805-10-1 to 805-10-9 · 28 sections

Overview

This act governs corporations formed for the purpose of rendering professional services — work that may be performed only by licensed practitioners — by layering specialized requirements on top of the state's general business corporation law, which otherwise continues to apply. It sets out how a corporation elects professional corporation status, the purposes and powers available to it, restrictions on its name and on activities it may not undertake, limits on who may hold and vote its shares, the qualifications of its directors and officers, and where responsibility for professional services rests. It also supplies the machinery for share transfer restrictions, for compelling acquisition or cancellation of a shareholder's shares upon death or loss of professional qualification — including a court proceeding to appraise disputed shares — and for merger, termination of professional activities, judicial dissolution, and obtaining authority to transact business.

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

Sections covered

805 ILCS 10/1This Act may be cited as the Professional Service Corporation Act
805 ILCS 10/10A professional corporation organized under this Act shall be governed by a board of directors elected by the shareholders and represented by officers elected by the board of directors, and, if desired, by an executive committee elected by the board of directors
805 ILCS 10/11No corporation organized under this Act may issue any of its capital stock to anyone other than an individual who is duly licensed or otherwise legally authorized to render the same specific professional services or related professional services as those for which the corporation was organized
805 ILCS 10/12Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/12.1Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/13Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/13.5Notice of violation
805 ILCS 10/14Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/15Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/15.5Confidentiality
805 ILCS 10/16The provisions of this Act shall not be construed as limiting the rendering of professional services or the practice of any profession under any other provision of law
805 ILCS 10/17Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/18Administrative Procedure Act
805 ILCS 10/19Deposit of fees and fines
805 ILCS 10/2Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/3In this Act the terms defined in the Sections following this Section and preceding Section 4 have the meanings ascribed to them in those Sections unless a contrary meaning is clear from the context
805 ILCS 10/3.1Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/3.2Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/3.3"License" includes a license, certificate of registration or any other evidence of the satisfaction of the requirements of this State, or of the United States Patent Office or the Internal Revenue Service of the United States Treasury Department, for the practice of a professional service
805 ILCS 10/3.4Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/3.5"Professional Service" means any personal service which requires as a condition precedent to the rendering thereof the obtaining of a license from a State agency or from the United States Patent Office or the Internal Revenue Service of the United States Treasury Department
805 ILCS 10/3.6Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/4Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/5Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/6One or more individuals each of whom is licensed to perform the same professional service or related professional services in this State may organize a professional corporation by filing articles of incorporation with the Secretary of State on forms furnished by the Secretary
805 ILCS 10/7No corporation organized and incorporated under this Act may render professional services, except through its officers, employees and agents who are duly licensed or otherwise legally authorized to render such professional services within this State
805 ILCS 10/8Business Organizations › 805 ILCS 10 — Professional Service Corporation Act
805 ILCS 10/9Business Organizations › 805 ILCS 10 — Professional Service Corporation Act

Enacted in other states

Delaware, Maryland, Maine, New Jersey

All Illinois named statutes →

Download

Copy

Embed on your site

Hover to preview · click to copy the code

Search Wikipedia →