Georgia Professional Corporation Form
What is the Georgia Professional Corporation
A Georgia Professional Corporation is a specific type of business entity designed for professionals who provide services requiring a state license, such as doctors, lawyers, and accountants. This structure allows professionals to operate as a corporation while enjoying limited liability protection. It is essential for professionals to adhere to state laws governing their practice, ensuring compliance with both corporate and professional regulations.
Key elements of the Georgia Professional Corporation
When establishing a Georgia Professional Corporation, several key elements must be considered:
- Incorporation Requirements: The corporation must be formed by licensed professionals and must include specific language in its name indicating its professional nature.
- Articles of Incorporation: These documents must be filed with the Georgia Secretary of State, including details such as the corporation's name, purpose, and registered agent.
- Bylaws: Internal rules governing the management of the corporation must be established, detailing the roles of directors and officers.
- Licensing: All shareholders, directors, and officers must hold the appropriate licenses for their professions.
Steps to complete the Georgia Professional Corporation
To successfully establish a Georgia Professional Corporation, follow these steps:
- Choose a unique name that complies with Georgia's naming requirements for professional corporations.
- Prepare and file the Articles of Incorporation with the Georgia Secretary of State, including necessary fees.
- Create bylaws that outline the governance structure and operational procedures of the corporation.
- Obtain any required professional licenses and permits specific to your field.
- Hold an organizational meeting to appoint directors, officers, and adopt bylaws.
Legal use of the Georgia Professional Corporation
Legal use of a Georgia Professional Corporation ensures that professionals operate within the confines of state laws. This structure limits personal liability for business debts and obligations, protecting personal assets. However, professionals must maintain compliance with all legal and ethical standards relevant to their profession. Regularly reviewing state regulations and ensuring all licenses are up to date is crucial for maintaining legal standing.
Required Documents
Establishing a Georgia Professional Corporation requires several key documents:
- Articles of Incorporation: This foundational document must be filed with the state.
- Bylaws: Internal governance rules that guide the corporation's operations.
- Professional Licenses: Proof of licensure for all individuals involved in the corporation.
- Meeting Minutes: Documentation of meetings held by the board of directors and shareholders.
State-specific rules for the Georgia Professional Corporation
Georgia has specific rules governing Professional Corporations that must be adhered to:
- All shareholders must be licensed professionals in the same field.
- The corporation's name must include "Professional Corporation" or its abbreviation, "P.C."
- Annual reports must be filed with the Secretary of State to maintain good standing.
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