Arkansas Code
Subchapter 3 - Medical Corporation Act
§ 4-29-302. Definitions

As used in this subchapter:
(1) “Beneficial owner” means an individual who is the grantor and sole trustee of a revocable living trust wherein the individual reserves the unrestricted right to revoke the trust;
(2) “Foreign medical corporation” means a corporation:
(A) Organized under laws other than the laws of this state; and
(B) In which all officers, directors, and shareholders of the corporation are licensed to practice medicine in the state of incorporation;

(3) “Professional service” means any type of professional service that may be legally performed only pursuant to a license or other legal personal authorization, for example: the personal service rendered by certified public accountants, architects, engineers, dentists, doctors, and attorneys at law; and
(4) “Shareholder” means either:
(A) The person in whose name shares are registered in the records of a corporation; or
(B) The beneficial owner of shares of a revocable living trust where the shares are registered in the records of the corporation in the names of the revocable living trust.

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