Must a Professional Corporation Redeem the Shares of its Retired Shareholders?
Farrel Fritz
JULY 3, 2023
That is because under Section 1510 of the Business Corporation Law , the death or disqualification of a shareholder in a professional corporation triggers the PC’s obligation to redeem the deceased shareholder’s shares at their book value. The Practice has never paid a dividend to its shareholders. In 2019, Drs.
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