The income of a medical and podiatry corporation attributable to professional services rendered while a shareholder is a disqualified person, as defined in § 13401 of the Corporations Code, shall not in any manner accrue to the benefit of such shareholder or his or her shares in such a professional corporation.

(Added by Stats. 1980, Ch. 1314, Sec. 4.4.)

Terms Used In California Business and Professions Code 2409

  • 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.
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