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 Wake North Carolina Pre-incorporation Agreement of Professional Corporation of Attorneys is a legal document that outlines the terms and conditions for forming a professional corporation of attorneys in Wake County, North Carolina. It is an essential step in the process of incorporating a legal practice and ensures compliance with state laws and regulations. Key provisions in the Wake North Carolina Pre-incorporation Agreement of Professional Corporation of Attorneys includes: 1. Formation: The agreement specifies the intent to form a professional corporation in accordance with the North Carolina Business Corporation Act and the North Carolina State Bar rules governing the practice of law. 2. Shareholders: The agreement identifies the shareholders of the corporation and their respective ownership percentages. It outlines the procedures for issuing and transferring shares and includes provisions to restrict ownership to licensed attorneys in good standing with the North Carolina State Bar. 3. Corporate Governance: The agreement establishes the structure and responsibilities of the corporation's board of directors and officers. It outlines the voting rights and decision-making processes for shareholders and specifies the required quorum for conducting meetings. 4. Professional Services: The agreement acknowledges that the corporation will provide legal services to clients and sets forth the professional standards and ethical obligations that the attorneys must adhere to, including maintaining client confidentiality and avoiding conflicts of interest. 5. Liability: The agreement addresses the limited liability protection enjoyed by shareholders of a professional corporation, emphasizing that individual shareholders are generally not personally liable for the corporation's debts or obligations, except in cases of professional negligence. 6. Dissolution: The agreement sets out the conditions and procedures for dissolution of the corporation, including the distribution of assets and the settling of outstanding liabilities. It is important to note that there may be variations of the Wake North Carolina Pre-incorporation Agreement of Professional Corporation of Attorneys depending on the specific needs and circumstances of the legal practice. Different types could include agreements tailored for solo practitioners, partnerships seeking incorporation, or large firms with multiple shareholders. Overall, a well-drafted Wake North Carolina Pre-incorporation Agreement of Professional Corporation of Attorneys is crucial for attorneys looking to establish a professional corporation in Wake County, North Carolina. It ensures legal compliance, outlines corporate governance and shareholder rights, and establishes the framework for conducting a successful legal practice within the boundaries of state laws and regulations.The Wake North Carolina Pre-incorporation Agreement of Professional Corporation of Attorneys is a legal document that outlines the terms and conditions for forming a professional corporation of attorneys in Wake County, North Carolina. It is an essential step in the process of incorporating a legal practice and ensures compliance with state laws and regulations. Key provisions in the Wake North Carolina Pre-incorporation Agreement of Professional Corporation of Attorneys includes: 1. Formation: The agreement specifies the intent to form a professional corporation in accordance with the North Carolina Business Corporation Act and the North Carolina State Bar rules governing the practice of law. 2. Shareholders: The agreement identifies the shareholders of the corporation and their respective ownership percentages. It outlines the procedures for issuing and transferring shares and includes provisions to restrict ownership to licensed attorneys in good standing with the North Carolina State Bar. 3. Corporate Governance: The agreement establishes the structure and responsibilities of the corporation's board of directors and officers. It outlines the voting rights and decision-making processes for shareholders and specifies the required quorum for conducting meetings. 4. Professional Services: The agreement acknowledges that the corporation will provide legal services to clients and sets forth the professional standards and ethical obligations that the attorneys must adhere to, including maintaining client confidentiality and avoiding conflicts of interest. 5. Liability: The agreement addresses the limited liability protection enjoyed by shareholders of a professional corporation, emphasizing that individual shareholders are generally not personally liable for the corporation's debts or obligations, except in cases of professional negligence. 6. Dissolution: The agreement sets out the conditions and procedures for dissolution of the corporation, including the distribution of assets and the settling of outstanding liabilities. It is important to note that there may be variations of the Wake North Carolina Pre-incorporation Agreement of Professional Corporation of Attorneys depending on the specific needs and circumstances of the legal practice. Different types could include agreements tailored for solo practitioners, partnerships seeking incorporation, or large firms with multiple shareholders. Overall, a well-drafted Wake North Carolina Pre-incorporation Agreement of Professional Corporation of Attorneys is crucial for attorneys looking to establish a professional corporation in Wake County, North Carolina. It ensures legal compliance, outlines corporate governance and shareholder rights, and establishes the framework for conducting a successful legal practice within the boundaries of state laws and regulations.
