Terms Used In Louisiana Revised Statutes 12:801

  • 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.
  • Professional law corporation: means a corporation organized pursuant to this Chapter or the laws of any qualified state for the practice of law. See Louisiana Revised Statutes 12:801
  • Qualified state: means any state other than Louisiana, or territory of the United States or the District of Columbia, which allows qualified persons authorized to render professional legal services in Louisiana and not in such other state, to own shares in a professional law corporation under its laws. See Louisiana Revised Statutes 12:801

A.  As used in this Chapter:

(1)  “Professional law corporation” means a corporation organized pursuant to this Chapter or the laws of any qualified state for the practice of law.  

(2)  “Qualified person” means:

(a)  A natural person of full age who is authorized pursuant to the law in this state or any qualified state to render professional legal services.

(b)  A general partnership in which all the partners are qualified persons as defined in Subparagraph (a) of this Paragraph.  

(c)  A professional law corporation in which all the shareholders are qualified persons as defined in Subparagraph (a) of this Paragraph.  

(3)  “Qualified state” means any state other than Louisiana, or territory of the United States or the District of Columbia, which allows qualified persons authorized to render professional legal services in Louisiana and not in such other state, to own shares in a professional law corporation under its laws.  

B.  All terms used in this Chapter and in Chapter 1 of this Title shall have the same meaning when used in this Chapter as when used in Chapter 1.  

Added by Acts 1964, No. 354, §1.  Renumbered from R.S. 1950, §901 by Acts 1968, No. 105, §3, eff. Jan. 1, 1969; Acts 1991, No. 225, §1.