Vermont Statutes Title 11 Sec. 844
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Terms Used In Vermont Statutes Title 11 Sec. 844
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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.
- Statute: A law passed by a legislature.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
§ 844. Responsibility for professional services
(a) An obligation of a professional corporation, whether arising in contract, tort, or otherwise, is solely the obligation of the professional corporation.
(b) Except as otherwise provided by statute, if a domestic or foreign professional corporation is liable under subsection (a) of this section, every shareholder of the corporation is liable to the same extent as if he or she were a partner in a limited liability partnership pursuant to subsection 3226(c) of this title. (Added 2001, No. 77 (Adj. Sess.), § 1.)