§ 17-512. Professional service corporations and limited liability companies
West's Annotated Code of MarylandBusiness Occupations and ProfessionsEffective: October 1, 2015
Effective: October 1, 2015
MD Code, Business Occupations & Professions, § 17-512
§ 17-512. Professional service corporations and limited liability companies
(a) With the consent of a licensed real estate broker, one or more licensed real estate salespersons and licensed associate real estate brokers who are affiliated with the licensed real estate broker may:
(1) organize and wholly own a professional service corporation under the Maryland Professional Service Corporation Act;1
(2) form a limited liability company under the Maryland Limited Liability Company Act;2 or
(b) A professional service corporation may be organized and owned or a limited liability company or other business entity may be formed under this section by any number and any combination of licensed real estate salespersons and licensed associate real estate brokers. However, each shareholder in the corporation, member of the limited liability company, or owner of any other business entity shall be either a licensed real estate salesperson or a licensed associate real estate broker.
(c) A licensed real estate salesperson or a licensed associate real estate broker who is a shareholder of a professional service corporation, a member of a limited liability company, or the owner of any other business entity may direct that any commission due the salesperson or associate broker be paid to the corporation, limited liability company, or other business entity.
Credits
Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Renumbered from Business Occupations and Professions § 16-512 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994. Amended by Acts 2005, c. 377, § 1, eff. Oct. 1, 2005; Acts 2015, c. 113, § 1, eff. Oct. 1, 2015.
Formerly Art. 56A, § 4-512.
Footnotes
Corporations and Associations, § 5-101 et seq.
Corporations and Associations, § 4A-101 et seq.
MD Code, Business Occupations & Professions, § 17-512, MD BUS OCCUP & PROF § 17-512
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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