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A ?professional corporation? is a corporation organized under the Professional Service Corporation Act solely for the purpose of rendering one category of professional service or related professional services and which has as its shareholders, directors, officers, agents and employees (other than ancillary personnel) ...
Directors. There must be at least three directors. They do not have to be Illinois residents or corporation members. You may list between three and seven directors on the Articles of Incorporation.
Illinois bylaws are documents that state the rules and organizational structure your corporation will follow. They establish your policies for appointing directors and officers, holding board and shareholder meetings, making amendments, handling emergency situations, and other important issues.
Director information Minimum number. Corporations must have one or more directors. Residence requirements. Illinois does not have a provision specifying where directors must reside. Age requirements. Directors must be at least 18 years old. Inclusion in the Articles of Incorporation.
3.5. "Professional Service" means any personal service which requires as a condition precedent to the rendering thereof the obtaining of a license from a State agency or from the United States Patent Office or the Internal Revenue Service of the United States Treasury Department.
C corporations need to have shareholders, directors, and officers. They must hold director and shareholder meetings, keep corporate minutes, and allow shareholders to vote on major corporate decisions.
In most states, the default rule is that a corporation must have a minimum of one director. But many corporations have boards with three, five, or seven members. There are several factors to consider when determining how many directors to have on your board.