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 Arizona Pre-incorporation Agreement of Professional Corporation of Attorneys is a legally binding document that outlines the terms and conditions for the establishment and operation of a professional corporation in the state of Arizona. This agreement is specifically designed for attorneys and provides a framework for professionals looking to form a corporation to practice law while enjoying the benefits of limited liability. Key provisions included in the Arizona Pre-incorporation Agreement of Professional Corporation of Attorneys typically cover the following aspects: 1. Corporate Purpose: The agreement details the primary focus of the corporation, which is to engage in the practice of law, offering legal services, counsel, and representation to clients. 2. Shareholders and Ownership: It outlines the structure of ownership and identifies the initial shareholders of the corporation. This section might also specify the number and type of shares issued, voting rights, restrictions, and procedures for share transfers or sales. 3. Corporate Name: The agreement will state the chosen name for the professional corporation. It is important to ensure compliance with the rules and regulations of the Arizona State Bar and any other governing bodies pertaining to the use of professional names. 4. Professional Liability Insurance: Since attorneys are subject to malpractice claims, this agreement commonly requires the corporation to maintain professional liability insurance coverage to protect shareholders and the corporation itself. 5. Management and Governance: This section establishes the rules for the management and decision-making processes within the corporation. It may outline the duties and responsibilities of officers, the board of directors, and any required governance meetings. 6. Financial Matters: This part of the agreement provides guidelines for financial matters, including how profits and losses will be allocated, dividend distribution, banking arrangements, financial reporting requirements, and expense reimbursement policies. 7. Dissolution and Winding Up: The agreement addresses the procedures for dissolution and winding up of the professional corporation, including the distribution of remaining assets, payment of liabilities, and necessary filings with the appropriate authorities. Different types of Arizona Pre-incorporation Agreements for Professional Corporation of Attorneys may vary in complexity and supplementary provisions, depending on the specific requirements of attorneys involved and the structure they wish to establish. However, the primary goal of any such agreement remains the same: to establish a well-defined framework for the operation of a professional corporation while ensuring compliance with state regulations and ethical guidelines. In conclusion, the Arizona Pre-incorporation Agreement of Professional Corporation of Attorneys is a crucial document that attorneys use to create a legal and transparent structure for their professional corporation. By accurately outlining the key terms, rights, and obligations of shareholders, this agreement provides the necessary groundwork for a successful and compliant practice.The Arizona Pre-incorporation Agreement of Professional Corporation of Attorneys is a legally binding document that outlines the terms and conditions for the establishment and operation of a professional corporation in the state of Arizona. This agreement is specifically designed for attorneys and provides a framework for professionals looking to form a corporation to practice law while enjoying the benefits of limited liability. Key provisions included in the Arizona Pre-incorporation Agreement of Professional Corporation of Attorneys typically cover the following aspects: 1. Corporate Purpose: The agreement details the primary focus of the corporation, which is to engage in the practice of law, offering legal services, counsel, and representation to clients. 2. Shareholders and Ownership: It outlines the structure of ownership and identifies the initial shareholders of the corporation. This section might also specify the number and type of shares issued, voting rights, restrictions, and procedures for share transfers or sales. 3. Corporate Name: The agreement will state the chosen name for the professional corporation. It is important to ensure compliance with the rules and regulations of the Arizona State Bar and any other governing bodies pertaining to the use of professional names. 4. Professional Liability Insurance: Since attorneys are subject to malpractice claims, this agreement commonly requires the corporation to maintain professional liability insurance coverage to protect shareholders and the corporation itself. 5. Management and Governance: This section establishes the rules for the management and decision-making processes within the corporation. It may outline the duties and responsibilities of officers, the board of directors, and any required governance meetings. 6. Financial Matters: This part of the agreement provides guidelines for financial matters, including how profits and losses will be allocated, dividend distribution, banking arrangements, financial reporting requirements, and expense reimbursement policies. 7. Dissolution and Winding Up: The agreement addresses the procedures for dissolution and winding up of the professional corporation, including the distribution of remaining assets, payment of liabilities, and necessary filings with the appropriate authorities. Different types of Arizona Pre-incorporation Agreements for Professional Corporation of Attorneys may vary in complexity and supplementary provisions, depending on the specific requirements of attorneys involved and the structure they wish to establish. However, the primary goal of any such agreement remains the same: to establish a well-defined framework for the operation of a professional corporation while ensuring compliance with state regulations and ethical guidelines. In conclusion, the Arizona Pre-incorporation Agreement of Professional Corporation of Attorneys is a crucial document that attorneys use to create a legal and transparent structure for their professional corporation. By accurately outlining the key terms, rights, and obligations of shareholders, this agreement provides the necessary groundwork for a successful and compliant practice.
