2019 New York Laws
BSC - Business Corporation
Article 15 - Professional Service Corporations
1501 - Definitions.

§ 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.
  (g) "Design professional  service  corporation"  means  a  corporation
organized   under  this  article  practicing  professional  engineering,
architecture, landscape architecture, geology,  or  land  surveying,  or
practicing  any  combination of such professions. 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.
  (h)  "Design professional" means an individual licensed and registered
pursuant to title eight of the education law  to  practice  professional
engineering,  architecture,  landscape  architecture,  geology  or  land
surveying.
  (i)  "Employee  stock  ownership  plan"   (ESOP)   means   a   defined
contribution  plan  established  pursuant  to  Section 4975(e)(7) of the
Internal Revenue Code.