Expanding the eligibility of certain representatives and transferees to serve as directors, officers, and shareholders of professional service corporations.
Summary
Extends the time that a recipient of all outstanding shares of a professional corporation may be a director, officer, or shareholder of the corporation from 12 months to 36 months, provided that at least one officer and one director is licensed or authorized to practice the profession of the corporation within 12 months.
Expands the list of circumstances under which a person may receive all outstanding shares of a professional corporation due to the death or ineligibility of a shareholder, to include receipt of shares through a community property agreement or as distribution from the former shareholder's estate or trust.
From the Substitute House Bill Report (SSB 6411), written by the Legislature's nonpartisan staff. Read the full report ↗
Did not passDid not pass · passed Senate, stalled in House