N.Y. Business Corporation Law 1506 – Purposes of incorporation
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§ 1506. Purposes of incorporation.
Terms Used In N.Y. Business Corporation Law 1506
- 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.
- Professional service: means any type of service to the public which may be lawfully rendered by a member of a profession within the purview of his or her profession. See N.Y. Business Corporation Law 1501
- Professional service corporation: means a corporation organized under this article. See N.Y. Business Corporation Law 1501
No professional service corporation or design professional service corporation shall engage in any business other than the rendering of the professional services for which it was incorporated; provided that such corporation may invest its funds in real estate, mortgages, stocks, bonds or any other type of investments.