Licensing and Regulatory Affairs
A professional service corporation, as the name implies, is a corporation made up exclusively of licensed professionals. Licensed professionals are those people who have been legally authorized to provide such a professional service. The professional service corporation may be formed by one or more licensed persons to render professional services.
Professional service corporations are formed by filing Articles of Incorporation (form CSCL/CD-501) with the Bureau. The annual Information Update filed by a professional service corporation must list the shareholders and attest that all are licensed or authorized to provide the professional service.
Professional service corporations are formed to give professionals the benefits of a corporation, while not altering the law involving liability of the individual licensed person.