Which of the following is not true regarding the limitations of professional corporations?
A)Seventy-five percent of the shares of stock must be owned and held by individuals licensed in the profession of the corporation.
B)At least one of the incorporators, one director, and one officer must be licensed in the profession.
C)The Articles of Incorporation, in addition to all other requirements, must designate the professional services to be provided by the corporation.
D)The professional corporation must obtain from the appropriate licensing board a certification that declares the shares of stock are owned by individuals who are duly licensed in the profession.

Question

Quizplus · Accepted Answer

The requirement is typically that a majority of the shares must be owned by licensed professionals, but not necessarily seventy-five percent.

Which of the Following Is Not True Regarding the Limitations