2012 New York Consolidated Laws
BSC - Business Corporation
Article 15 - (1501 - 1516) PROFESSIONAL SERVICE CORPORATIONS
1501 - Definitions.


NY Bus Corp L § 1501 (2012) What's This?
 
  * § 1501. Definitions.
    As  used  in  this article, unless the context otherwise requires, the
  term: (a) "licensing authority" means the regents of the  university  of
  the state of New York or the state education department, as the case may
  be,  in  the  case  of all professions licensed under title eight of the
  education law, and the appropriate appellate  division  of  the  supreme
  court in the case of the profession of law.
    (b) "Profession"   includes   any   practice   as   an   attorney  and
  counselor-at-law, or as a  licensed  physician,  and  those  occupations
  designated in title eight of the education law.
    (c) "Professional  service"  means  any  type of service to the public
  which may be lawfully rendered by a member of a  profession  within  the
  purview of his profession.
    (d) "Professional  service  corporation" means a corporation organized
  under this article.
    (e) "Design professional  service  corporation"  means  a  corporation
  organized   under  this  article  practicing  professional  engineering,
  architecture, landscape architecture, or land surveying,  or  practicing
  any combination of such professions, first organized on or after January
  first, two thousand twelve. The provisions of this article applicable to
  professional  service  corporations  shall  apply to design professional
  service corporations except to the extent that any provision  is  either
  inconsistent  with a provision expressly applying to design professional
  service corporations or not relevant thereto.
    (f) "Design professional" means an individual licensed and  registered
  pursuant  to  title  eight of the education law to practice professional
  engineering, architecture, landscape architecture or land surveying.
    (g)  "Employee  stock  ownership  plan"   (ESOP)   means   a   defined
  contribution  plan  established  pursuant  to  Section 4975(e)(7) of the
  Internal Revenue Code.
    (h) "Officer" does not include the secretary or an assistant secretary
  of a corporation having only one shareholder.
    * NB Separately amended, cannot be put together
  * § 1501. Definitions.
    As used in this article, unless the context  otherwise  requires,  the
  term:  (a)  "licensing authority" means the regents of the university of
  the state of New York or the state education department, as the case may
  be, in the case of all professions licensed under  title  eight  of  the
  education  law,  and  the  appropriate appellate division of the supreme
  court in the case of the profession of law.
    (b) "Profession"  includes   any   practice   as   an   attorney   and
  counselor-at-law,  or  as  a  licensed  physician, and those occupations
  designated in title eight of the education law.
    (c) "Professional service" means any type of  service  to  the  public
  which  may  be  lawfully rendered by a member of a profession within the
  purview of his or her profession.
    (d) "Professional service corporation" means a  corporation  organized
  under this article.
    (e) "Officer" does not include the secretary or an assistant secretary
  of a corporation having only one shareholder.
    (f)  "Other  business  entity"  means  any person other than a natural
  person,  general  partnership  or  a  domestic   or   foreign   business
  corporation,  and  includes  a  professional  service  limited liability
  company formed pursuant to  the  provisions  of  the  New  York  limited
  liability company law.
    * NB Separately amended, cannot be put together

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