N.Y. Limited Liability Company Law 1206 – Purposes of formation
§ 1206. Purposes of formation. No professional service limited liability company shall engage in any profession or professions other than those set forth in its articles of organization. A professional service limited liability company may only engage in a profession or professions as to which one or more of its members is authorized by law to render professional services in this state. In addition to engaging in such profession or professions, a professional service limited liability company may carry on, or conduct or transact any other business or other activities as to which a limited liability company may be formed under section two hundred one of this chapter. Notwithstanding any other provision of this section, and subject to the next succeeding sentence of this section, a professional service limited liability company (i) authorized to practice law may only engage in another profession or other business or activities or (ii) which is engaged in a profession or other business or activities other than law may only engage in the practice of law, to the extent not prohibited by any other law of this state or any rule adopted by the appropriate appellate division of the supreme court or the court of appeals. Any professional service limited liability company may invest its funds in real estate, mortgages, stocks, bonds or any other type of investments.
Terms Used In N.Y. Limited Liability Company Law 1206
- Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
- Profession: includes any practice as an attorney and counselor-at-law, or as a licensed physician, and those professions designated in title eight of the education law. See N.Y. Limited Liability Company Law 1201
- Professional: means an individual duly authorized to practice a profession, a professional service corporation, a professional service limited liability company, a foreign professional service limited liability company, a registered limited liability partnership, a foreign limited liability partnership, a foreign professional service corporation or a professional partnership. See N.Y. Limited Liability Company Law 1201
- Professional service: means any type of service to the public that may be lawfully rendered by a member of a profession within the purview of his or her profession. See N.Y. Limited Liability Company Law 1201
- Professional service limited liability company: means a limited liability company organized under this article. See N.Y. Limited Liability Company Law 1201