S/H MANAGEMENT OF CORP.
Professional Service Corporations (PCs)
1) Who must be a licensed professional?
2) Liability for malpractice?
3) Liability for debts of the PC?
4) Consequences, if a member dies or is disqualified from practice?
1) ALL S/H and D/O
2) Each member liable for his own malpractice (but not that of other members)
3) Members not liable for PC debts (PC is liable for things like rent, utilities, etc.)
4) PC MUST buy back dead/disqualified member's shares