Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-101
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-101
- 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.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - Statute: A law passed by a legislature.
(b) “Disqualified person” means an individual or entity that for any reason is or becomes ineligible under this subtitle to be issued stock by a professional corporation.
(c) “Foreign professional corporation” means a professional corporation organized under the laws of another state or a territory, possession, or district of the United States.
(d) “License” means any license, certification, certificate, registration, or other legal authorization required by statute as a condition precedent to the performance of a professional service in the State.
(e) “Licensing unit” means the board, agency, court, or other entity that licenses or otherwise legally authorizes the rendition of a professional service.
(f) “Professional corporation” means a corporation organized under this subtitle for the purpose of rendering professional services.
(g) (1) “Professional service” means a service that may lawfully be rendered only by a person licensed or otherwise authorized by a licensing unit in the State to render the service and that may not lawfully be rendered by a corporation under the Maryland General Corporation Law.
(2) “Professional service” includes, but is not limited to, a service provided by:
(i) An architect;
(ii) An attorney;
(iii) A certified public accountant;
(iv) A chiropractor;
(v) A dentist;
(vi) An osteopath;
(vii) A podiatrist;
(viii) A physician;
(ix) A professional engineer;
(x) A licensed real estate broker, licensed real estate salesperson, and licensed associate real estate broker;
(xi) A veterinarian;
(xii) A psychologist; and
(xiii) A physical therapist.
(h) “Qualified person” means an individual, professional corporation, or general partnership that is eligible under this Act to be issued stock by a professional corporation.