Professional Corporation Act

A professional corporation act permits licensed practitioners to incorporate for the purpose of rendering professional services, and it governs how such a corporation is formed, what it may and may not do, and how its shares are issued, voted, and transferred — including what becomes of a shareholder's interest on death or loss of licensure. It preserves the obligations that attach to practice itself, keeping those who render professional services responsible for them and leaving the professional relationship and its privileged communications undisturbed by the corporate form. The act further provides for amendment of the articles, merger and share exchange, conversion into and out of professional corporation status, annual reporting and penalties for non-compliance, protection of the corporate name, and dissolution with the winding up of professional activities, while the general business corporation law supplies the rules on matters it does not itself address.

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