Section 150.720  Incorporating Licensed Professionals

a)         Authorized Corporate Structure

The following professionals may incorporate using only the corporate structures indicted on this list:

1)         The Business Corporation or Professional Corporation Act may be used by these professions:

2)         The Professional Corporation Act, in its statement of intent, specifically states that it was enacted to allow licensed professionals to use this form of corporate structure.

This list was developed in coordination with the Department of Professional Regulation.  The corporate purposes will include the following language prescribed in subsections (b) and (c) of this Section.

b)         Required language in incorporation documents for Professional Corporations.

1)         Names

A professional corporation shall adopt a name consisting of the full or last name of one or more of its shareholders; except that if not prohibited by law, rules of a regulating authority or the cannons of ethics of the professional concerned, a professional corporation may adopt a fictitious name. If the corporation does adopt a fictitious name or continues to use the name of a deceased shareholder or the name of a member of a predecessor organization, it shall file with the county clerk of the county where its principal place of business is located under the Assumed Business Name Act [805 ILCS 405]. It shall be permissible for a professional corporation to continue to use the name of a deceased shareholder for a period of one year after his death without recording the name of the corporation with the county clerk as hereinabove provided.  A professional corporation may continue to use the name of a shareholder who voluntarily withdraws from the corporation if the withdrawing shareholder files with the regulating authority his written permission for the continued use of his name by the professional corporation.  This permission shall remain in effect until written revocation has been received by the regulating authority from the former shareholder.

The corporation name shall end with the word "Chartered" or "Limited" or the abbreviation "Ltd.", or with the words "Professional Corporation" or the abbreviation "Prof. Corp." or the initials "P.C.".

2)         Purpose

Professional Corporation:  To practice the profession of rendering that type of professional service and services ancillary thereto.

Professional Service will be rendered from the following address: (address of the corporation)

3)         Attorney's Under the Professional Service Corporation Act

The Articles of Incorporation of a Professional Service Corporation which is to be engaged in the practice of law must also contain, in the Articles, the following statement:

"All shareholders shall be jointly and severally liable for the acts, errors and omissions of the shareholders and other employees of the corporation, arising out of the performance of professional services by the corporation while they are shareholders."

c)         Required language in incorporation documents for Medical Corporations.

1)         Names

The corporate name shall end with the word "Chartered" or "Limited" or the abbreviation "Ltd." or the words "Service Corporation" or the abbreviation "S.C."

2)         Purpose

Medical Corporation:  To own, operate and maintain an establishment for the study, diagnosis and treatment of human aliments and injuries, whether physical or mental, and to promote medical, surgical and scientific research and knowledge; provided that medical or surgical treatment, consultation or advice may be given by employees of the corporation only if they are licensed pursuant to the Medical Practice Act [225 ILCS 60].

(Source:  Amended at 20 Ill. Reg. 7026, effective May 8, 1996)