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The statutory provisions of an Illinois close corporation can be found in Article 2A of the Illinois Business Corporation Act. A close corporation, also known as a closely held corporation, is a type of business entity that bears characteristics of both a traditional corporation and a partnership.
A ?professional corporation? is a corporation organized under the Professional Service Corporation Act solely for the purpose of rendering one category of professional service or related professional services and which has as its shareholders, directors, officers, agents and employees (other than ancillary personnel) ...
9.20. Reduction of paid-in capital. bankruptcy that specifically directs the reduction to be effected. (b) Notwithstanding anything to the contrary contained in this Act, at no time shall the paid-in capital be reduced to an amount less than the aggregate par value of all issued shares having a par value.
It is the legislative intent to provide for the incorporation of an individual or group of individuals to render the same professional service or related professional services to the public for which such individuals are required by law to be licensed or to obtain other legal authorization, while preserving the ...
Sec. 10-30. Remote and blended remote learning. This Section applies if the Governor has declared a disaster due to a public health emergency pursuant to Section 7 of the Illinois Emergency Management Agency Act.
The corporate name of a professional service corporation must end with the word ?chartered? or ?Limited? or the abbreviation ?Ltd.?, or with the words ?Professional service corporation? or the abbreviation ?Prof. Corp.? or the initials ?P. C.?