(a) A professional corporation may not render a professional service or engage in an activity other than the professional service authorized by its articles of incorporation.
(b) Except as provided in subsection (c) of this section, subsection (a) of this section does not prohibit a professional corporation from investing its funds in real estate, mortgages, securities, or any other type of investment.
(c) A professional corporation may not, through any investment, subsidiary, or other means, engage or participate in the active management of any entity, association, or venture whose business purpose is not reasonably related to the rendering of a professional service authorized by its articles of incorporation.
Structure Maryland Statutes
Title 5 - Special Types of Corporations
Subtitle 1 - Professional Service Corporations
Section 5-102 - Single or Multiple Professions; Corporate Form
Section 5-104 - Limitation on Activities; Investments
Section 5-105 - Professional Service to Be Performed Through Licensed Individuals
Section 5-106 - Corporate Name -- General Requirements
Section 5-107 - Inclusion of Stockholder's Surname; Exception
Section 5-108 - Certificate of Authorization for Use of Corporate Name
Section 5-109 - Issuance of Stock
Section 5-110 - Statement on Stock Certificate
Section 5-111 - Transfer of Stock
Section 5-112 - Electing to Be Professional Corporation
Section 5-114 - Acquisition of Stock Upon Death or Disqualification of Stockholder; Proceedings
Section 5-115 - Proceeding to Determine Fair Value
Section 5-116 - Assessment of Costs and Fees in Appraisal Proceeding
Section 5-117 - Directors and Officers
Section 5-118 - Proxy; Voting Trusts
Section 5-119 - Relationship With Client or Patient
Section 5-120 - Privileged Communications
Section 5-121 - Liability for Negligent or Wrongful Act
Section 5-123 - Cessation in Rendering Professional Services
Section 5-124 - Proceeding to Dissolve Professional Corporation
Section 5-125 - Foreign Professional Corporation
Section 5-126 - Foreign Professional Corporation -- Required Information
Section 5-127 - Foreign Professional Corporation -- Revocation of Certificate
Section 5-128 - Adoption of Regulations
Section 5-129 - Jurisdiction Not Restricted; Effect on Standards of Professional Conduct
Section 5-130 - Repeal of Statute by Enactment
Section 5-132 - Suspension or Revocation of Articles of Incorporation