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 Hawaii Pre-incorporation Agreement of Professional Corporation of Attorneys is a legal document that outlines the terms and conditions for forming a professional corporation in Hawaii specifically for attorneys. It serves as a crucial step in the process of establishing a professional corporation and ensures that all parties involved are aware of their rights, responsibilities, and obligations. The agreement typically covers various important aspects, including the names and addresses of the individuals involved in the formation of the corporation, the specific purpose of the corporation (i.e., providing legal services), and the duration of the corporation. It also entails provisions regarding the initial contribution of the prospective attorneys, their respective ownership percentages, and their roles within the corporation. To ensure clarity and transparency, the agreement often addresses the allocation of profits and losses among the attorneys, the process of admitting new attorneys as shareholders, and the methodology for resolving disputes and disagreements. Furthermore, it may contain provisions on the governance structure of the corporation, including the appointment of officers, decision-making processes, and voting rights. Different types or variations of the Hawaii Pre-incorporation Agreement of Professional Corporation of Attorneys may exist based on the specific needs and preferences of the attorneys involved. For example, some agreements may prioritize equal ownership and decision-making power among all attorneys, while others may allocate shares and authority based on factors such as seniority, experience, or financial contributions. Moreover, the agreement may also differ depending on the size of the professional corporation, whether it is a solo practice or a partnership between multiple attorneys. Additionally, certain attorneys may choose to include additional clauses in the agreement to address unique circumstances or tailor the agreement to their specific area of legal specialization. In conclusion, the Hawaii Pre-incorporation Agreement of Professional Corporation of Attorneys is a comprehensive legal document that defines the establishment and operation of a professional corporation for attorneys in Hawaii. By setting out the rights, responsibilities, and obligations of the involved parties, this agreement establishes a solid foundation for a successful and legally compliant professional corporation.
