Medical and Professional Service Corporation

Did you know that a medical corporation, professional service corporation or limited liability company needs its own license to operate legally in Illinois? This means that owners of these entities must not only form the corporation through the Secretary of State, but they must also file for and obtain a professional license from the Illinois Department of Financial and Professional Regulation (IDFPR), even though all of the owners and practitioners possess individual licenses. 

Persons licensed under the Medical Practice Act, including chiropractic physicians, may own two different types of professional corporations. The first is a medical corporation in which all officers, directors, and shareholders are persons licensed under the Medical Practice Act. Therefore, chiropractors may jointly own medical corporations with medical doctors or osteopaths. Another option is a professional service corporation, in which all participants are individuals licensed to perform "related professional services," defined as any combination of physicians licensed under the Medical Practice Act (including chiropractic, medical and osteopathic physicians), together with individuals licensed in Illinois as podiatrists, dentists, and optometrists.