Title 14, Chapter 7, Section 3
( 14-7-3)
A person or a group of persons licensed to practice a profession in
this state may elect to practice as a professional corporation by
complying with this chapter, irrespective of any law which, on March
11, 1970, prohibited the practice of the profession by a
corporation. The articles of incorporation of a professional
corporation shall be filed, and the professional corporation shall
be organized, under Chapter 2 of this title; and the professional
corporation shall pay the fees and costs prescribed therein. The
articles shall state that the purpose of the corporation is to
practice the profession named in the articles and that the
corporation elects to be governed by this chapter. Any corporation
organized under the general corporation laws of this state or any
professional association organized under Chapter 10 of this title
may elect to be governed by this chapter by amending its articles of
association so as to make such election and so as to comply with the
other requirements of this chapter and with the laws applicable to
corporations generally in this state which are not inconsistent with
the express provisions of this chapter. A professional corporation
and the shareholders of the corporation in their capacity as
shareholders shall enjoy the rights, privileges, and immunities and
shall be subject to the obligations and liabilities of other
corporations organized for profit under Chapter 2 of this title and
those of the shareholders of such corporations, except as changed,
restricted, or enlarged by this chapter. Professional associations
organized under Chapter 10 of this title are expressly authorized to
continue to perform professional services pursuant to that Chapter
10 of this title without electing to comply with this chapter. |