§ 13.1-542 Legislative intent [Not set out]
§ 13.1-542.1 Practice of certain professions by corporations
§ 13.1-543 Definitions
§ 13.1-544 Who may organize and become shareholder
§ 13.1-544.1 Use of initials “P.C.” or “PC” in corporate name
§ 13.1-544.2 Certificate of authority for foreign professional corporations
§ 13.1-545.1 Merger with foreign professional corporation or foreign professional limited liability company
§ 13.1-546 How corporation may render professional services; nonprofessional employees and officers; organizers and shareholders need not be employees, etc.
§ 13.1-546.1 Professional law corporations may qualify as executor, administrator or in other fiduciary capacity
§ 13.1-547 Professional relationships not affected; liability for debts, etc., of corporation, its directors, officers and employees
§ 13.1-548 Corporation not to engage in other business; investment of funds
§ 13.1-549 Qualifications of shareholders; special provisions for corporations rendering services of architects, professional engineers, landscape architects and land surveyors, and using the title of certified interior designers
§ 13.1-549.1 Special provision for corporation engaged in practice of accounting
§ 13.1-549.2 Registration certificate required for corporation engaged in practice of law
§ 13.1-550 Transfer of shares
§ 13.1-551 Disqualification of shareholder
§ 13.1-552 Conversion into nonprofessional corporation; disposition of shares of deceased or disqualified shareholders
§ 13.1-553 Board of directors
§ 13.1-554.1 Income and property taxes
§ 13.1-555 Merger
§ 13.1-556 Application of Chapter 9 or Chapter 10 of this title

Terms Used In Virginia Code > Title 13.1 > Chapter 7 - Professional Corporations

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bank: means any national bank, any bank organized under Chapter 8 (§ 6. See Virginia Code 6.2-300
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Case law: The law as laid down in cases that have been decided in the decisions of the courts.
  • Company: means a bank, trust company, or other entity conducting the business of renting safe deposit boxes. See Virginia Code 6.2-2300
  • Conviction: A judgement of guilt against a criminal defendant.
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Credit union: means any credit union organized under Chapter 13 (§ 6. See Virginia Code 6.2-300
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Dependent: A person dependent for support upon another.
  • Eligible employee stock ownership plan: means an employee stock ownership plan as such term is defined in § 4975(e)(7) of the Internal Revenue Code of 1986, as amended, sponsored by a professional corporation and with respect to which:

    1. See Virginia Code 13.1-543

  • Entity: means any corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Executor: A male person named in a will to carry out the decedent
  • Fiduciary: A trustee, executor, or administrator.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lessee: means the person renting a box from a company. See Virginia Code 6.2-2300
  • Licensee: means a person to whom a license has been issued under this chapter. See Virginia Code 6.2-2200
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Loan: means a loan or forbearance of money. See Virginia Code 6.2-300
  • Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Motor vehicle: means an automobile, motorcycle, mobile home, truck, van, or other vehicle operated on public highways and streets. See Virginia Code 6.2-2200
  • Notary: means notary public. See Virginia Code 1-226
  • Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, or other legal or commercial entity. See Virginia Code 6.2-2200
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • 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.
  • Professional business entity: means any entity as defined in § Virginia Code 13.1-543
  • Professional service: means any type of personal service to the public that requires as a condition precedent to the rendering of such service or use of such title the obtaining of a license, certification, or other legal authorization and shall be limited to the personal services rendered by pharmacists, optometrists, physical therapists and physical therapist assistants, practitioners of the healing arts, nurse practitioners, practitioners of the behavioral science professions, veterinarians, surgeons, dentists, architects, professional engineers, land surveyors, landscape architects, certified interior designers, public accountants, certified public accountants, attorneys-at-law, insurance consultants, audiologists or speech pathologists, and clinical nurse specialists. See Virginia Code 13.1-543
  • real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • safe deposit box: means any safe or box that is available for rent within the vaults of a company. See Virginia Code 6.2-2300
  • Savings institution: means any savings institution, as defined in § 6. See Virginia Code 6.2-300
  • Subordinate mortgage or deed of trust: means a mortgage or deed of trust that is subject to a prior mortgage or deed of trust in existence at the time of the making of the loan secured by such subordinate mortgage or deed of trust. See Virginia Code 6.2-300
  • sworn: means "affirm" or "affirmed. See Virginia Code 1-250
  • title loan: means a loan secured by a non-purchase money security interest in a motor vehicle. See Virginia Code 6.2-2200
  • Trustee: A person or institution holding and administering property in trust.
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC