SB 1320 Summary

• Consolidates professional corporation regulations from the 1962 Professional Service Corporation Act into Chapter 2A of the 1972 Business Corporation Act, repealing the former 1962 PA 192.

• Establishes that corporations providing services in learned professions (dentistry, medicine, surgery, clergy, law) must incorporate as professional corporations with "professional corporation" or "P.C." designation and have only licensed professionals as shareholders.

• Allows corporations providing other professional services to either comply with Chapter 2A requirements or incorporate as regular corporations under Chapter 2 without professional restrictions.

• Permits licensed physicians, osteopaths, and podiatrists to form professional corporations together, and allows physician's assistants to participate with these professionals but prohibits physician's assistants from forming corporations with only other physician's assistants as shareholders.

• Amends 35 sections of the Business Corporation Act to reflect terminology changes, modernize provisions for remote shareholder participation, and make technical corrections related to mergers, dissent rights, and dissolution procedures.