Professional Corporation Bylaws California Former
Description
How to fill out Sample Bylaws For A California Professional Corporation?
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FAQ
Do bylaws need to be signed? Technically, it's possible for a board of directors to adopt bylaws without signing them. However, signing your bylaws demonstrates that everyone is on the same page about how your corporation will function.
A professional corporation conveys limited liability to its members just as a regular corporation. However, in most cases, the corporation does not convey limited liability for the malpractice of the individual members. Ideally, professionals manage that type of risk through malpractice insurance policies.
It is important to realize, however, that bylaws are not required as a matter of law with one exception. Bylaws are required when the articles of incorporation do not specify the number of directors in a corporation.
One of the key differences between a corporation and a professional corporation is that the shareholders of a professional corporation must be licensed professionals who are authorized to provide professional services in their respective fields. This requirement does not apply to a regular corporation.
A professional corporation which has only one shareholder need have only one director who shall be such shareholder and who shall also serve as the president and treasurer of the corporation. The other officers of the corporation in such situation need not be licensed persons.