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.
Chicago Illinois Pre-incorporation Agreement of Professional Corporation of Attorneys is a legal document that outlines the terms and conditions for establishing a professional corporation for attorneys in Chicago, Illinois. This agreement serves as a blueprint for the formation of a corporation and ensures compliance with state laws and regulations. It is crucial for attorneys planning to form a professional corporation in Chicago to have a comprehensive pre-incorporation agreement in place to protect their rights and define their responsibilities. Keywords: Chicago, Illinois, Pre-incorporation Agreement, Professional Corporation, Attorneys. The Chicago Illinois Pre-incorporation Agreement of Professional Corporation of Attorneys is designed to address various aspects related to the formation and management of a professional corporation. It typically covers the following key provisions: 1. Name and Purpose: The agreement starts by specifying the proposed name of the professional corporation and its primary purpose, which is to provide legal services by attorneys in accordance with the rules and regulations of the Illinois State Bar Association. 2. Incorporates: The agreement identifies the individuals who will be involved in forming the professional corporation and becoming its initial shareholders. It outlines their roles, responsibilities, and respective ownership interests in the corporation. 3. Shareholders' Rights and Obligations: This section outlines the rights, powers, and obligations of the shareholders in the corporation, including voting rights, profit sharing, capital contributions, and restrictions on the transfer of shares. 4. Board of Directors: The agreement establishes the structure and composition of the corporation's board of directors. It outlines the powers and duties of the directors, as well as procedures for their appointment, removal, and decision-making. 5. Management and Decision-making: This provision outlines the process for making key business decisions, including the appointment of officers, management of financial affairs, and adoption of corporate policies. 6. Capitalization and Financing: The agreement sets forth the initial capitalization of the corporation and any subsequent financing arrangements. It may include provisions related to raising additional capital, distribution of profits, and allocation of expenses. 7. Non-Compete and Non-Solicitation: This section may include clauses that restrict shareholders and directors from engaging in competitive activities or soliciting clients or employees for a specified period after the termination of their association with the corporation. 8. Dissolution and Termination: The agreement addresses the procedures and criteria for the dissolution or termination of the professional corporation, including the distribution of assets and winding up of its affairs. Types of Chicago Illinois Pre-incorporation Agreement of Professional Corporation of Attorneys may vary based on specific requirements and preferences. These can include variations in terms of the size of the corporation, the number of shareholders, the scope of legal services offered, and additional provisions tailored to the unique needs of the attorneys involved. In summary, the Chicago Illinois Pre-incorporation Agreement of Professional Corporation of Attorneys is a legally binding document that ensures a smooth and organized establishment of a professional corporation for attorneys practicing in Chicago, Illinois. This agreement provides a framework for governance, ownership, decision-making, and the overall functioning of the corporation, assuring compliance with the relevant laws and regulations.Chicago Illinois Pre-incorporation Agreement of Professional Corporation of Attorneys is a legal document that outlines the terms and conditions for establishing a professional corporation for attorneys in Chicago, Illinois. This agreement serves as a blueprint for the formation of a corporation and ensures compliance with state laws and regulations. It is crucial for attorneys planning to form a professional corporation in Chicago to have a comprehensive pre-incorporation agreement in place to protect their rights and define their responsibilities. Keywords: Chicago, Illinois, Pre-incorporation Agreement, Professional Corporation, Attorneys. The Chicago Illinois Pre-incorporation Agreement of Professional Corporation of Attorneys is designed to address various aspects related to the formation and management of a professional corporation. It typically covers the following key provisions: 1. Name and Purpose: The agreement starts by specifying the proposed name of the professional corporation and its primary purpose, which is to provide legal services by attorneys in accordance with the rules and regulations of the Illinois State Bar Association. 2. Incorporates: The agreement identifies the individuals who will be involved in forming the professional corporation and becoming its initial shareholders. It outlines their roles, responsibilities, and respective ownership interests in the corporation. 3. Shareholders' Rights and Obligations: This section outlines the rights, powers, and obligations of the shareholders in the corporation, including voting rights, profit sharing, capital contributions, and restrictions on the transfer of shares. 4. Board of Directors: The agreement establishes the structure and composition of the corporation's board of directors. It outlines the powers and duties of the directors, as well as procedures for their appointment, removal, and decision-making. 5. Management and Decision-making: This provision outlines the process for making key business decisions, including the appointment of officers, management of financial affairs, and adoption of corporate policies. 6. Capitalization and Financing: The agreement sets forth the initial capitalization of the corporation and any subsequent financing arrangements. It may include provisions related to raising additional capital, distribution of profits, and allocation of expenses. 7. Non-Compete and Non-Solicitation: This section may include clauses that restrict shareholders and directors from engaging in competitive activities or soliciting clients or employees for a specified period after the termination of their association with the corporation. 8. Dissolution and Termination: The agreement addresses the procedures and criteria for the dissolution or termination of the professional corporation, including the distribution of assets and winding up of its affairs. Types of Chicago Illinois Pre-incorporation Agreement of Professional Corporation of Attorneys may vary based on specific requirements and preferences. These can include variations in terms of the size of the corporation, the number of shareholders, the scope of legal services offered, and additional provisions tailored to the unique needs of the attorneys involved. In summary, the Chicago Illinois Pre-incorporation Agreement of Professional Corporation of Attorneys is a legally binding document that ensures a smooth and organized establishment of a professional corporation for attorneys practicing in Chicago, Illinois. This agreement provides a framework for governance, ownership, decision-making, and the overall functioning of the corporation, assuring compliance with the relevant laws and regulations.
