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.
The Alabama Pre-incorporation Agreement of Professional Corporation of Attorneys is a legal document that outlines the terms and conditions governing the formation of a professional corporation for attorneys in the state of Alabama. This agreement is essential for attorneys who wish to operate their law practice as a professional corporation, which provides certain benefits and legal protections. Key elements typically included in the Alabama Pre-incorporation Agreement of Professional Corporation of Attorneys is: 1. Name and Purpose: The agreement identifies the name of the professional corporation, which must comply with the regulations set by the Alabama State Bar. It also details the purpose of the corporation, which is to engage in the practice of law. 2. Shareholders: The agreement outlines the shareholders who will be the owners of the professional corporation. It includes their names, addresses, and the number of shares each will hold. Shareholders must be licensed attorneys in the state of Alabama. 3. Incorporation Process: This section details the procedure of incorporating the professional corporation in accordance with Alabama laws. It involves submitting necessary documents, obtaining necessary licenses and permits, and complying with any other legal requirements. 4. Management and Governance: The agreement specifies how the corporation will be managed, including the appointment of officers such as president, treasurer, and secretary. It outlines the responsibilities and powers of each officer and establishes the decision-making process within the corporation. 5. Compensation and Profit Distribution: This section determines how the profits and compensation will be distributed among the shareholders. It may include provisions for salaries, bonuses, and dividends based on the percentage of shares held by each shareholder. 6. Non-Compete Agreements: The agreement may include non-compete clauses that restrict shareholders from engaging in similar law practices within a specified geographic area for a defined period after leaving the corporation. Types of Alabama Pre-incorporation Agreement of Professional Corporation of Attorneys: 1. Single Shareholder Agreement: Used when a professional corporation is formed by a single attorney who will serve as the sole shareholder and manager of the corporation. 2. Multi-Shareholder Agreement: Applicable when multiple attorneys join together to form a professional corporation. This agreement outlines the rights, responsibilities, and obligations of each shareholder in terms of management and profit-sharing. In conclusion, the Alabama Pre-incorporation Agreement of Professional Corporation of Attorneys is a crucial legal document that facilitates the formation and operation of professional corporations for attorneys in the state. It ensures clarity and consistency in the governance, management, and financial aspects of the corporation, contributing to a successful and legally-compliant law practice.The Alabama Pre-incorporation Agreement of Professional Corporation of Attorneys is a legal document that outlines the terms and conditions governing the formation of a professional corporation for attorneys in the state of Alabama. This agreement is essential for attorneys who wish to operate their law practice as a professional corporation, which provides certain benefits and legal protections. Key elements typically included in the Alabama Pre-incorporation Agreement of Professional Corporation of Attorneys is: 1. Name and Purpose: The agreement identifies the name of the professional corporation, which must comply with the regulations set by the Alabama State Bar. It also details the purpose of the corporation, which is to engage in the practice of law. 2. Shareholders: The agreement outlines the shareholders who will be the owners of the professional corporation. It includes their names, addresses, and the number of shares each will hold. Shareholders must be licensed attorneys in the state of Alabama. 3. Incorporation Process: This section details the procedure of incorporating the professional corporation in accordance with Alabama laws. It involves submitting necessary documents, obtaining necessary licenses and permits, and complying with any other legal requirements. 4. Management and Governance: The agreement specifies how the corporation will be managed, including the appointment of officers such as president, treasurer, and secretary. It outlines the responsibilities and powers of each officer and establishes the decision-making process within the corporation. 5. Compensation and Profit Distribution: This section determines how the profits and compensation will be distributed among the shareholders. It may include provisions for salaries, bonuses, and dividends based on the percentage of shares held by each shareholder. 6. Non-Compete Agreements: The agreement may include non-compete clauses that restrict shareholders from engaging in similar law practices within a specified geographic area for a defined period after leaving the corporation. Types of Alabama Pre-incorporation Agreement of Professional Corporation of Attorneys: 1. Single Shareholder Agreement: Used when a professional corporation is formed by a single attorney who will serve as the sole shareholder and manager of the corporation. 2. Multi-Shareholder Agreement: Applicable when multiple attorneys join together to form a professional corporation. This agreement outlines the rights, responsibilities, and obligations of each shareholder in terms of management and profit-sharing. In conclusion, the Alabama Pre-incorporation Agreement of Professional Corporation of Attorneys is a crucial legal document that facilitates the formation and operation of professional corporations for attorneys in the state. It ensures clarity and consistency in the governance, management, and financial aspects of the corporation, contributing to a successful and legally-compliant law practice.
