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2000 SESSION
SB 325 Professional business entities.
Introduced by: William C. Wampler, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Professional business entities. Clarifies that the articles of incorporation of a professional corporation, and articles of organization of a professional limited liability company, include a clause setting forth the entity's sole and specific purpose. The legislation also clarifies that the provisions of the Nonstock Corporation Act shall apply to nonstock professional corporations except when its provisions are in conflict with the chapter under which professional corporations are established. A similar provision currently exists with respect to the applicability of the Stock Corporation Act to stock professional corporations.
SUMMARY AS INTRODUCED:
Professional business entities. Clarifies that the articles of incorporation of a professional corporation, and articles of organization of a professional limited liability company, include a clause setting forth the entity's sole and specific purpose. The legislation also clarifies that the provisions of the Nonstock Corporation Act shall apply to nonstock professional corporations except when its provisions are in conflict with the chapter under which professional corporations are established. A similar provision currently exists with respect to the applicability of the Stock Corporation Act to stock professional corporations.