If any member, manager, agent or employee of a professional limited liability company organized under this chapter who has been rendering professional service to the public becomes legally disqualified to render those professional services within this Commonwealth, that member, manager, agent or employee shall immediately sever all employment with, and financial interests in, that professional limited liability company except that the member, manager, agent or employee may be a member subject to the provisions of this chapter. A professional limited liability company's failure to require compliance with this provision shall constitute a ground for the forfeiture of its articles of organization and the cancellation of its existence by the State Corporation Commission.
1992, c. 574; 2009, c. 201.
Structure Code of Virginia
Chapter 13 - Virginia Professional Limited Liability Company Act
§ 13.1-1100. Reservation of power to amend or repeal
§ 13.1-1101. Legislative purpose
§ 13.1-1101.1. Practice of certain professions by limited liability companies
§ 13.1-1103. Who may become a member
§ 13.1-1104. Use of initials "P.L.C.," "PLC," "P.L.L.C." or "PLLC" in company name
§ 13.1-1105. Certificate of authority for foreign professional limited liability company
§ 13.1-1112. Special provision for limited liability company engaged in practice of accounting
§ 13.1-1115. Transfer of membership interests
§ 13.1-1116. Disqualification of member, manager, agent or employee
§ 13.1-1120. Income and property taxes
§ 13.1-1122. Application of Chapter 12 of this title
§ 13.1-1123. Coordination with other provisions of Virginia Code