Michigan Laws 450.1283 – Professional corporation; formation; name
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 450.1283
- 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.
- Licensed person: means an individual who is licensed or otherwise legally authorized to practice a professional service by a court, department, board, commission, or agency of this state or another jurisdiction. See Michigan Laws 450.1282
- Professional service: means a type of personal service to the public that requires that the provider obtain a license or other legal authorization as a condition precedent to providing that service. See Michigan Laws 450.1282
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) Except as provided in this section, 1 or more licensed persons may form a professional corporation under this chapter.
(2) Except as otherwise permitted under section 284(5) or section 288(2), each shareholder of a professional corporation must be 1 of the following:
(a) A licensed person in 1 or more of the professional services provided by the professional corporation.
(b) An entity that is directly or beneficially owned only by persons that are licensed persons in 1 or more of the professional services provided by the professional corporation.
(3) Except as provided in this section or otherwise prohibited, the articles of incorporation of a professional corporation shall state that the professional corporation is formed to provide 1 or more professional services and shall state the specific professional service or services the professional corporation is formed to provide.
(4) The name of a professional corporation shall contain the words “professional corporation” or the abbreviation “P.C.” with or without periods or other punctuation.