Bill Text: MI HB4333 | 2013-2014 | 97th Legislature | Introduced
Bill Title: Businesses; professional corporations; ownership requirements for professional corporations engaged in practice of public accounting; revise. Amends sec. 4 of 1962 PA 192 (MCL 450.224).
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Introduced - Dead) 2013-02-28 - Printed Bill Filed 02/28/2013 [HB4333 Detail]
Download: Michigan-2013-HB4333-Introduced.html
HOUSE BILL No. 4333
February 27, 2013, Introduced by Reps. Poleski, McMillin, Howrylak and Clemente and referred to the Committee on Commerce.
A bill to amend 1962 PA 192, entitled
"Professional service corporation act,"
by amending section 4 (MCL 450.224), as amended by 2010 PA 125.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 4. (1) Except as provided in this section, 1 or more
licensed persons may organize under this act to become a
shareholder or shareholders of a professional corporation for
pecuniary profit.
(2) Except as provided in this section or otherwise
prohibited, a professional corporation may render 1 or more
professional services, except that each shareholder must be a
licensed person in 1 or more of the professional services rendered
by the corporation.
(3) Except as otherwise provided in subsection (4) or (5), if
a professional corporation renders a professional service that is
included within the public health code, 1978 PA 368, MCL 333.1101
to 333.25211, then all shareholders of the corporation must be
licensed or legally authorized in this state to render the same
professional service.
(4) One or more individuals licensed to engage in the practice
of medicine under part 170, the practice of osteopathic medicine
and surgery under part 175, or the practice of podiatric medicine
and surgery under part 180 of article 15 of the public health code,
1978 PA 368, MCL 333.16101 to 333.18838, may organize a
professional corporation under this act with 1 or more other
individuals licensed to engage in the practice of medicine under
part 170, the practice of osteopathic medicine and surgery under
part 175, or the practice of podiatric medicine and surgery under
part 180 of article 15 of the public health code, 1978 PA 368, MCL
333.16101 to 333.18838.
(5) Subject to section 17048 of the public health code, 1978
PA 368, MCL 333.17048, 1 or more individuals licensed to engage in
the practice of medicine under part 170, the practice of
osteopathic medicine and surgery under part 175, or the practice of
podiatric medicine and surgery under part 180 of article 15 of the
public health code, 1978 PA 368, MCL 333.16101 to 333.18838, may
organize a professional corporation under this act with 1 or more
physician's assistants licensed under article 15 of the public
health
code, 1978 PA 368, MCL 333.16101 to 333.18838. Beginning on
the
effective date of the amendatory act that added this subsection
July 19, 2010, 1 or more physician's assistants may not organize a
professional corporation under this act that will have only
physician's assistants as shareholders.
(6) A licensed person of another jurisdiction may become an
officer, director, shareholder, employee, or agent of a
professional corporation but shall not render any professional
service in this state until the person is licensed or otherwise
legally authorized to render the professional service in this
state.
(7) A professional corporation organized under this act may
engage in the practice of public accounting, as defined in section
720 of the occupational code, 1980 PA 299, MCL 339.720, in this
state if more than 50% of the equity and voting rights of the
professional corporation are held directly or beneficially by
individuals who are licensed or otherwise authorized to engage in
the practice of public accounting under article 7 of the
occupational code, 1980 PA 299, MCL 339.720 to 339.736.
