(805 ILCS 10/4)
(from Ch. 32, par. 415-4)
The "Business Corporation Act of 1983", as now or hereafter
amended, shall be applicable to professional corporations organized under
this Act, and they shall enjoy the powers and privileges and be subject to
the duties, restrictions, and liabilities of other corporations, except
where inconsistent with the letter and purpose of this Act. This Act shall
take precedence in the event of any conflict with provisions of the
"Business Corporation Act of 1983" or other laws.
This Act shall not apply to any persons within this State who prior to
the passage of this Act were rendering personal services by means of a
corporation, nor to any corporation organized by them presently in
existence or hereafter organized, however such persons may elect to
incorporate under the provisions of this Act, or to bring an existing
corporation within the provisions of this Act by amending the articles of
incorporation in such a manner as to be consistent with all the provisions
of this Act and by affirmatively stating in the amended articles of
incorporation that the shareholders have elected to bring the corporation
within the provisions of this Act.
A professional association organized under the "Act to Authorize
Professional Associations", approved August 9, 1961, as amended, may elect
by resolution to bring the association under the provisions of this Act by
authorizing its members to incorporate under this Act and stating in the
articles of incorporation that the association shall be considered to have
merged with the professional corporation so formed. When the articles of
incorporation have been filed with the Secretary of State, the professional
corporation shall be deemed to have acquired the property and assets and
assumed the liabilities of the association; and the association shall
thereafter cease to exist as a separate identity.
Nothing contained in this Act shall alter the right of persons licensed
to engage in the rendering of a personal service from so doing in any other
business form permitted them by law.
The provisions of this Act shall not be considered as repealing,
modifying or restricting the applicable provisions of law regulating the
several professions except insofar as such laws are in conflict with the
provisions of this Act, however, the provisions of this Act shall take
precedence over any law which prohibits a corporation from rendering any
type of professional services. Nothing contained in this Act shall prohibit
a professional corporation from employing ancillary personnel.
(Source: P.A. 83-1362.)