MI HB5967

Allows one or more licensed persons to organize as shareholders of a professional corporation for profit, with each shareholder required to be licensed in at least one professional service the corporation renders.

Requires all shareholders of professional corporations rendering services under the Public Health Code to be licensed or legally authorized in Michigan to render the same professional service.

Permits physicians, osteopathic physicians, and podiatric physicians to form professional corporations together, and allows them to include physician's assistants as shareholders (though physician's assistants cannot form a corporation with only other physician's assistants as shareholders).

Allows licensed persons from other jurisdictions to hold officer, director, shareholder, or employee positions but prohibits them from rendering professional services in Michigan until they obtain Michigan licensure or authorization.

Allows professional corporations to engage in public accounting if more than 50% of equity and voting rights are held by individuals licensed or authorized to practice public accounting under Michigan's occupational code.