An Illinois professional service corporation
is organized under the Illinois Professional Service Corporation Act
for the sole purpose of rendering one category of professional service or related services. A professional service is a personal service that requires the obtainment of a license from a state agency, the U.S. Patent Office, or the IRS, as a condition precedent to the ability to render the service(s). For this type of corporations, all shareholders, directors, offers, agents and employees (not simply ancillary personnel in an administrative position) must be licensed to render the same professional service (or related services).
It is important to note that if the Illinois professional service corporation only has one shareholder, it needs to have one director who shall be the shareholder and may also serve as president, secretary and treasurer. If the corporation only has two shareholders, it needs to have two directors who shall be the shareholders and, between themselves, will fill the offices of the president, vice-president, secretary, and treasurer.
Incorporation of the professional corporation must comply with the Illinois Business Corporate Act of 1983, except that the name must end with one of the following: “Chartered,” “Limited,” “Ltd.” “Professional Corporation,” “Prof. Corp.,” or “P.C.”