Vermont Professional Corporation Act - Title 11 V.S.A. Chapter 4
The new Vermont Professional Corporation Act, Title 11 V.S.A. Chapter
4, will become effective on July 1, 2002. Professional corporations
incorporated after July 1, 2002 will be governed by Title 11, Chapter 4. Existing
professional corporations may choose to be subject to the old provisions of
Title 11, Chapter 3, or file Articles of Amendment to change to the new Chapter
4 provisions. The following are some of the highlights of Chapter 4:
- Permits specific professions to join together and operate as a corporation
- Authorizes any "licensing authority" to further restrict professional
corporation behavior in the interest of public protection
- Establishes procedures for mergers, voluntary and involuntary dissolutions
- Provides that obligations of a professional corporation, whether arising
in contract, tort or otherwise, are the obligation of the professional corporation
and every shareholder of the corporation, to the same extent as if he or
she was a partner in a limited liability partnership pursuant to subsection
3226(c) of Title 11
- Sets forth provisions for foreign professional corporations
To read a more detailed summary of the changes pursuant to Chapter 4 or the
text thereof, click on the following link:http://www.sec.state.vt.us/tutor/dobiz/TYPE.htm
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