Arizona Arizona Revised Statutes

§ 10-2220 — Issuance of shares

ARS § 10-2220Title 10. Corporations and Associations · Ch. 20. PROFESSIONAL CORPORATIONS · Art. 3. Shares

Statute text

10-2220. Issuance of shares A. A professional corporation may issue voting shares, fractional voting shares and rights or options to purchase voting shares only to: 1. Individuals who are licensed by law in this or another state to render a professional service described in the corporation's articles of incorporation. 2. General partnerships, registered limited liability partnerships and other partnerships and joint ventures, domestic or foreign, in which all of the partners are qualified persons with respect to the professional corporation and in which at least one partner is authorized by law in this state to render a professional service described in the corporation's articles of incorporation. 3. Professional corporations, professional limited liability companies and other persons, domestic or foreign, authorized by law in this state to render a professional service described in the corporation's articles of incorporation. 4. Other persons, if after the issuance of voting shares the other persons in the aggregate do not hold more than forty-nine per cent of the voting shares, unless a greater or lesser percentage is prescribed by the licensing authority. 5. An employee stock ownership plan as defined in section 4975(e)(7) of the internal revenue code of 1986, as amended, if both of the following apply:

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