(a) General rule.--A professional corporation shall not engage in any business other than the rendering of the professional service or services for which it was specifically incorporated except that a professional corporation may own real and personal property necessary for, or appropriate or desirable in, the fulfillment or rendering of its specific professional service or services and it may invest its funds in real estate, mortgages, stocks, bonds or any other type of investment.
(b) Additional powers.--A professional corporation may be an equity owner of a partnership, limited liability company, corporation or other association engaged in the business of rendering the professional service or services for which the professional corporation was incorporated.
(June 22, 2001, P.L.418, No.34, eff. 60 days)
2001 Amendment. Act 34 amended subsec. (b).
Cross References. Section 2922 is referred to in section 3311 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 29 - Professional Corporations
Section 2901 - Application and effect of chapter
Section 2902 - Definitions and index of definitions
Section 2903 - Formation of professional corporations
Section 2904 - Election of an existing business corporation to become a professional corporation
Section 2905 - Election of professional associations to become professional corporations
Section 2906 - Termination of professional corporation status
Section 2907 - Proceedings to terminate breach of qualifying conditions
Section 2922 - Stated purposes
Section 2923 - Issuance and retention of shares