A corporation may be organized for the business of conducting a profession. These are known as professional corporations. Doctors, attorneys, engineers, and CPAs are the types of profes¬sionals who may form a professional corporation. Usually there is a designation P.A. or P.C. after the corporate name in order to show that this is a professional association or professional corporation.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
North Dakota Pre-incorporation Agreement of Professional Corporation of Attorneys is a legally binding document that outlines the terms and conditions for forming a professional corporation for attorneys in the state of North Dakota. This agreement is essential for attorneys looking to establish a legal entity that provides professional services to clients while enjoying the benefits and protection of a corporation. Keywords: North Dakota, pre-incorporation agreement, professional corporation, attorneys, legal entity, terms and conditions, formation, clients, benefits, protection. The North Dakota Pre-incorporation Agreement of Professional Corporation of Attorneys covers various crucial aspects necessary for the smooth operation of the professional corporation. Some key elements typically addressed in this agreement may include: 1. Corporate Name: The agreement defines the desired corporate name for the professional corporation, ensuring compliance with North Dakota's naming conventions and restrictions. 2. Shareholder Information: This section outlines the identity and contact details of each attorney participating in the pre-incorporation and their proposed share ownership in the professional corporation. 3. Purpose and Scope: The agreement clearly specifies the purpose and nature of the professional services the corporation will provide, such as legal counseling, litigation, or other specialized areas of law. 4. Capital Contributions: It details the initial capital contributions made by each attorney, either in cash or assets, which will be used to finance the formation and initial operation of the professional corporation. 5. Management and Governance: The agreement outlines the structure and procedures for corporate governance, including the appointment and removal of officers, voting rights, decision-making processes, and any limitations or duties imposed on the attorneys in their managerial roles. 6. Profit Sharing and Compensation: This section determines how profits and losses will be allocated among the attorneys, establishing a fair and transparent system for compensation based on each attorney's share ownership and contributions. 7. Dissolution and Termination: The agreement includes provisions for the voluntary or involuntary dissolution of the professional corporation, outlining the steps to be followed and the distribution of assets and liabilities in case of dissolution. Types of North Dakota Pre-incorporation Agreement of Professional Corporation of Attorneys may vary depending on specific provisions tailored to the needs and requirements of individual attorneys or groups. However, the key purpose of all types remains the same — establishing a legal framework that enables attorneys to practice their profession in the form of a professional corporation. In summary, the North Dakota Pre-incorporation Agreement of Professional Corporation of Attorneys is a vital document that outlines the terms and conditions for attorneys looking to establish a professional corporation in North Dakota. By providing a solid legal foundation, this agreement ensures proper governance, liability protection, and establishes clear guidelines for the operation and management of the professional corporation.North Dakota Pre-incorporation Agreement of Professional Corporation of Attorneys is a legally binding document that outlines the terms and conditions for forming a professional corporation for attorneys in the state of North Dakota. This agreement is essential for attorneys looking to establish a legal entity that provides professional services to clients while enjoying the benefits and protection of a corporation. Keywords: North Dakota, pre-incorporation agreement, professional corporation, attorneys, legal entity, terms and conditions, formation, clients, benefits, protection. The North Dakota Pre-incorporation Agreement of Professional Corporation of Attorneys covers various crucial aspects necessary for the smooth operation of the professional corporation. Some key elements typically addressed in this agreement may include: 1. Corporate Name: The agreement defines the desired corporate name for the professional corporation, ensuring compliance with North Dakota's naming conventions and restrictions. 2. Shareholder Information: This section outlines the identity and contact details of each attorney participating in the pre-incorporation and their proposed share ownership in the professional corporation. 3. Purpose and Scope: The agreement clearly specifies the purpose and nature of the professional services the corporation will provide, such as legal counseling, litigation, or other specialized areas of law. 4. Capital Contributions: It details the initial capital contributions made by each attorney, either in cash or assets, which will be used to finance the formation and initial operation of the professional corporation. 5. Management and Governance: The agreement outlines the structure and procedures for corporate governance, including the appointment and removal of officers, voting rights, decision-making processes, and any limitations or duties imposed on the attorneys in their managerial roles. 6. Profit Sharing and Compensation: This section determines how profits and losses will be allocated among the attorneys, establishing a fair and transparent system for compensation based on each attorney's share ownership and contributions. 7. Dissolution and Termination: The agreement includes provisions for the voluntary or involuntary dissolution of the professional corporation, outlining the steps to be followed and the distribution of assets and liabilities in case of dissolution. Types of North Dakota Pre-incorporation Agreement of Professional Corporation of Attorneys may vary depending on specific provisions tailored to the needs and requirements of individual attorneys or groups. However, the key purpose of all types remains the same — establishing a legal framework that enables attorneys to practice their profession in the form of a professional corporation. In summary, the North Dakota Pre-incorporation Agreement of Professional Corporation of Attorneys is a vital document that outlines the terms and conditions for attorneys looking to establish a professional corporation in North Dakota. By providing a solid legal foundation, this agreement ensures proper governance, liability protection, and establishes clear guidelines for the operation and management of the professional corporation.
