§ 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

  • Account: means a contract of deposit of funds between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, share account, and other similar arrangements. See Virginia Code 6.2-604
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • 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
  • Beneficiary: means a person named in a trust account as one for whom a party to the account is named as trustee. See Virginia Code 6.2-604
  • bill in equity: shall mean a complaint in a civil action, as provided in the Rules of Supreme Court of Virginia;

    11. See Virginia Code 8.01-2

  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Dependent: A person dependent for support upon another.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • 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

  • Executor: A male person named in a will to carry out the decedent
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fiduciary: shall include any one or more of the following:

    a. See Virginia Code 8.01-2

  • Financial institution: means any entity authorized to do business under state or federal laws relating to financial institutions that is authorized to establish accounts, including, without limitation, banks, trust companies, savings institutions, and credit unions. See Virginia Code 6.2-604
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • 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
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Joint account: means an account payable on request to one or more of two or more parties whether or not mention is made of any right of survivorship. See Virginia Code 6.2-604
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
  • Multiple-party account: means any of the following types of account: (i) a joint account, (ii) a P. See Virginia Code 6.2-604
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • Party: means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple-party account. See Virginia Code 6.2-604
  • person under a disability: as used in this article shall have the meanings ascribed to them in § 8. See Virginia Code 8.01-67
  • Personal estate: includes chattels real and such other estate as, upon the death of the owner intestate, would devolve upon his personal representative. See Virginia Code 1-233
  • Personal representative: includes the executor of a will or the administrator of the estate of a decedent, the administrator of such estate with the will annexed, the administrator of such estate unadministered by a former representative, whether there is a will or not, any person who is under the order of a circuit court to take into his possession the estate of a decedent for administration, and every other curator of a decedent's estate, for or against whom suits may be brought for causes of action that accrued to or against the decedent. See Virginia Code 1-234
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • 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 § 13. See Virginia Code 13.1-543
  • Professional corporation: means a corporation whose articles of incorporation set forth a sole and specific purpose permitted by this chapter and that is either (i) organized under this chapter for the sole and specific purpose of rendering professional service other than that of architects, professional engineers, land surveyors, or landscape architects, or using a title other than that of certified interior designers and, except as expressly otherwise permitted by this chapter, that has as its shareholders or members only individuals or professional business entities that are duly licensed or otherwise legally authorized to render the same professional service as the corporation, including the trustees of an eligible employee stock ownership plan or (ii) organized under this chapter for the sole and specific purpose of rendering the professional services of architects, professional engineers, land surveyors, or landscape architects, or using the title of certified interior designers, or any combination thereof, and at least two-thirds of whose shares are held by persons duly licensed within the Commonwealth to perform the services of an architect, professional engineer, land surveyor, or landscape architect, including the trustees of an eligible employee stock ownership plan, or by persons legally authorized within the Commonwealth to use the title of certified interior designer; or (iii) organized under this chapter or under Chapter 10 (§ 13. See 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
  • Proof of death: includes a death certificate; a certificate of qualification upon a decedent's estate; or an authenticated copy of any record or report of a governmental agency, domestic or foreign, that a person is dead. See Virginia Code 6.2-604
  • 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
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
  • Request: means a proper request for withdrawal, or a check or order for payment, that complies with all conditions of the account, including special requirements concerning necessary signatures and regulations of the financial institution. See Virginia Code 6.2-604
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • Sums on deposit: means the balance payable on a multiple-party account including interest, dividends, and in addition any deposit life insurance proceeds added to the account by reason of the death of a party. See Virginia Code 6.2-604
  • Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
  • Trust account: means an account in the name of one or more parties as trustee for one or more beneficiaries where the relationship is established by the form of the account and the deposit agreement with the financial institution and there is no subject of the trust other than the sums on deposit in the account, without regard to whether payment to the beneficiary is mentioned in the deposit agreement. See Virginia Code 6.2-604
  • Withdrawal: includes payment to a third person pursuant to check or other directive of a party. See Virginia Code 6.2-604