§ 5-101
275 words·~1 min read·
/md/corporations-and-associations/5-101·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–101.
(a)In this subtitle the following words have the meanings indicated.
(b)“Disqualified person” means an individual or entity that for any reason is or becomes ineligible under this subtitle to be issued stock by a professional corporation.
(c)“Foreign professional corporation” means a professional corporation organized under the laws of another state or a territory, possession, or district of the United States.
(d)“License” means any license, certification, certificate, registration, or other legal authorization required by statute as a condition precedent to the performance of a professional service in the State.
(e)“Licensing unit” means the board, agency, court, or other entity that licenses or otherwise legally authorizes the rendition of a professional service.
(f)“Professional corporation” means a corporation organized under this subtitle for the purpose of rendering professional services.
(1)“Professional service” means a service that may lawfully be rendered only by a person licensed or otherwise authorized by a licensing unit in the State to render the service and that may not lawfully be rendered by a corporation under the Maryland General Corporation Law.
(2)“Professional service” includes, but is not limited to, a service provided by:
(i)An architect;
(ii)An attorney;
(iii)A certified public accountant;
(iv)A chiropractor;
(v)A dentist;
(vi)An osteopath;
(vii)A podiatrist;
(viii)A physician;
(ix)A professional engineer;
(x)A licensed real estate broker, licensed real estate salesperson, and licensed associate real estate broker;
(xi)A veterinarian;
(xii)A psychologist; and
(xiii)A physical therapist.
(h)“Qualified person” means an individual, professional corporation, or general partnership that is eligible under this Act to be issued stock by a professional corporation.