N.Y. Business Corporation Law 1528 – Foreign professional service corporation
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§ 1528. Foreign professional service corporation.
Terms Used In N.Y. Business Corporation Law 1528
- 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.
- Foreign professional service corporation: means a professional service corporation, whether or not denominated as such, organized under the laws of a jurisdiction other than this state, all of the shareholders, directors and officers of which are authorized and licensed to practice the profession for which such corporation is licensed to do business; except that all shareholders, directors and officers of a foreign professional service corporation which provides health services in this state shall be licensed in this state. See N.Y. Business Corporation Law 1525
- Professional service: means any type of service to the public which may be lawfully rendered by a member of a profession within the purview of his profession. See N.Y. Business Corporation Law 1525
No foreign professional service corporation shall engage in any business in this state other than the rendering of the professional services for which it is incorporated and is authorized to do business in this state; provided that such corporation may invest its funds in real estate, mortgages, stocks, bonds or any other type of investments.