Terms Used In N.Y. Business Corporation Law 1533

  • 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.
  • Profession: includes any practice as an attorney and counsellor-at-law, or as a licensed physician, and those professions designated in title eight of the education law. See N.Y. Business Corporation Law 1525
  • 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 profession. See N.Y. Business Corporation Law 1525

No officer, director, shareholder or employee of a foreign professional service corporation shall practice his or her profession in this state unless such individual is duly licensed to practice such profession in this state.