How to Co-Own a Practice with MDs, Dentists, Optometrists, and/or Podiatrists
Is there a business entity that may be co-owned by chiropractic, medical, dental, optometric and/or podiatric licensees to render those categories of licensed services?
Yes. A professional service corporation, or professional corporation, may be organized to render one, some or all of the above services (limited to those specific professions only). The professional corporation must have as its owner(s) individuals who hold active professional licenses in the services it is formed to render. Additionally, of course, each service may only be provided by an individual who holds a current license in the professional service being rendered.
The professional service corporation is formed by filing Articles of Incorporation with the Illinois Secretary of State. Forms and information may be found on the Secretary of State website at www.cyberdriveillinois.com.The corporate name must end with the word “chartered” or “Limited” or the abbreviation “Ltd.”, or with the words “Professional Corporation” or the abbreviation “Prof. Corp.” or the initials “P. C.”.
Advertisement
Once the professional corporation has been formed by the Secretary of State, it must also be registered with the Illinois Department of Financial and Professional Regulation. This license is in the name of the professional corporation and is a separate license with a different number from those of the individual owners. A separate application must be submitted for each business location in Illinois. If the corporation is using more than one fictitious or assumed name and has an address different from that of the parent company, a separate application must be submitted for each fictitious or assumed name.
Application for such registration is made in writing to the IDFPR on its own form, which may be found on the IDFPR website at www.idfpr.com. On the list of professions, click Professional Service Corporation for all forms and information. The fee is $50. All professional corporation licenses are on a three-year cycle that expired on January 1, 2022, and must be renewed every 3 years thereafter for a fee of $40. Each certificate of registration must be conspicuously posted upon the premises to which it is applicable.
