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 Tennessee Pre-incorporation Agreement of Professional Corporation of Attorneys is a legal document that outlines the specific details and arrangements for establishing a professional corporation for attorneys in the state of Tennessee. This agreement serves as a crucial step in the process of incorporating a law firm and ensures that all parties involved are in agreement regarding various aspects of the corporation's formation. Keywords: Tennessee, pre-incorporation agreement, professional corporation, attorneys, legal document, law firm, incorporation, formation. The agreement typically includes the following essential elements: 1. Identification of Parties: The agreement will clearly identify the parties involved, including the attorneys who will become shareholders of the professional corporation and any other relevant individuals or entities. 2. Purpose and Nature of the Corporation: This section outlines the intended purpose and nature of the professional corporation, specifying that it is specifically for the practice of law. 3. Shareholder Information: The agreement will include details about each attorney-shareholder, including their names, contact information, and the number of shares they will hold in the corporation. 4. Management and Decision-Making: This section covers the governance structure of the corporation, including the appointment of officers, board members, and decision-making procedures. 5. Capital Contributions: The agreement will outline the initial capital contributions from each shareholder and specify the procedure for future capital contributions if applicable. 6. Profit and Loss Sharing: This section lays out the manner in which profits and losses will be shared among the shareholders, typically in proportion to their respective ownership interests. 7. Non-Compete and Non-Solicitation Provisions: The agreement may include clauses that restrict shareholders from engaging in competitive activities or soliciting clients for a specified period after leaving the corporation. 8. Dissolution: The agreement will address the procedure for dissolving the corporation, including how assets and liabilities will be distributed among the shareholders. Different Types of Tennessee Pre-incorporation Agreement of Professional Corporation of Attorneys: While there may not be multiple types of Tennessee Pre-incorporation Agreements for professional corporations of attorneys, variations may arise depending on specific factors such as the size of the law firm, areas of practice, or specific requirements of the shareholders. These agreements will still contain the above-mentioned essential elements but may be customized to suit the unique needs of the law firm and the attorneys involved. In conclusion, the Tennessee Pre-incorporation Agreement of Professional Corporation of Attorneys is a vital legal document that outlines the details of establishing a professional corporation for attorneys, ensuring that all parties involved are in agreement with the terms and conditions. This agreement sets the foundation for the successful formation and operation of a law firm in compliance with the laws and regulations of Tennessee.The Tennessee Pre-incorporation Agreement of Professional Corporation of Attorneys is a legal document that outlines the specific details and arrangements for establishing a professional corporation for attorneys in the state of Tennessee. This agreement serves as a crucial step in the process of incorporating a law firm and ensures that all parties involved are in agreement regarding various aspects of the corporation's formation. Keywords: Tennessee, pre-incorporation agreement, professional corporation, attorneys, legal document, law firm, incorporation, formation. The agreement typically includes the following essential elements: 1. Identification of Parties: The agreement will clearly identify the parties involved, including the attorneys who will become shareholders of the professional corporation and any other relevant individuals or entities. 2. Purpose and Nature of the Corporation: This section outlines the intended purpose and nature of the professional corporation, specifying that it is specifically for the practice of law. 3. Shareholder Information: The agreement will include details about each attorney-shareholder, including their names, contact information, and the number of shares they will hold in the corporation. 4. Management and Decision-Making: This section covers the governance structure of the corporation, including the appointment of officers, board members, and decision-making procedures. 5. Capital Contributions: The agreement will outline the initial capital contributions from each shareholder and specify the procedure for future capital contributions if applicable. 6. Profit and Loss Sharing: This section lays out the manner in which profits and losses will be shared among the shareholders, typically in proportion to their respective ownership interests. 7. Non-Compete and Non-Solicitation Provisions: The agreement may include clauses that restrict shareholders from engaging in competitive activities or soliciting clients for a specified period after leaving the corporation. 8. Dissolution: The agreement will address the procedure for dissolving the corporation, including how assets and liabilities will be distributed among the shareholders. Different Types of Tennessee Pre-incorporation Agreement of Professional Corporation of Attorneys: While there may not be multiple types of Tennessee Pre-incorporation Agreements for professional corporations of attorneys, variations may arise depending on specific factors such as the size of the law firm, areas of practice, or specific requirements of the shareholders. These agreements will still contain the above-mentioned essential elements but may be customized to suit the unique needs of the law firm and the attorneys involved. In conclusion, the Tennessee Pre-incorporation Agreement of Professional Corporation of Attorneys is a vital legal document that outlines the details of establishing a professional corporation for attorneys, ensuring that all parties involved are in agreement with the terms and conditions. This agreement sets the foundation for the successful formation and operation of a law firm in compliance with the laws and regulations of Tennessee.
