Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-103
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-103
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) Except as otherwise provided in this subtitle, a professional corporation has the powers enumerated in § 2-103 of this article.
(b) A professional corporation may be a promoter, general partner, member, associate, or manager of a partnership, joint venture, trust, or other entity if the entity is engaged solely in rendering professional services.