19 Pa. Code § 33.2 - Incorporators

(a) One or more corporations or natural persons of full age may incorporate a professional corporation.

(b) Section 2923(a) of the BCL (relating to issuance and retention of shares) provides that shares of a professional corporation may be beneficially owned, directly or indirectly, only by one or more licensed persons. Therefore, only a person licensed to practice the profession for which a professional corporation is incorporated may be an incorporator of a professional corporation if the incorporator subscribes to one or more shares of the corporation. See § 23.7 (relating to subscription by incorporator unnecessary).

(c) Section 2901(a) of the BCL (relating to application and effect of chapter) provides that a business corporation may not be simultaneously a professional corporation and a management corporation. A professional corporation may be one or more of the following:

(1) A nonstock corporation.

(2) A statutory close corporation.

(3) A professional corporation.

(4) An insurance corporation.

Notes

19 Pa. Code § 33.2

The provisions of this §33.2 adopted April 17, 1992, effective 4/18/1992, 22 Pa.B. 1993.