N.Y. Business Corporation Law § 1501: Definitions

§ 1501. Definitions.

As used in this article, unless the context otherwise requires, the

term: (a) "licensing authority" means the regents of the university of

the state of New York or the state education department, as the case may

be, in the case of all professions licensed under title eight of the

education law, and the appropriate appellate division of the supreme

court in the case of the profession of law.

(b) "Profession" includes any practice as an attorney and

counselor-at-law, or as a licensed physician, and those occupations

designated in title eight of the education law.

(c) "Professional service" means any type of service to the public

which may be lawfully rendered by a member of a profession within the

purview of his or her profession.

(d) "Professional service corporation" means a corporation organized

under this article.

(e) "Officer" does not include the secretary or an assistant secretary

of a corporation having only one shareholder.

(f) "Other business entity" means any person other than a natural

person, general partnership or a domestic or foreign business

corporation, and includes a professional service limited liability

company formed pursuant to the provisions of the New York limited

liability company law.

(g) "Design professional service corporation" means a corporation

organized under this article practicing professional engineering,

architecture, landscape architecture, geology, or land surveying, or

practicing any combination of such professions. The provisions of this

article applicable to professional service corporations shall apply to

design professional service corporations except to the extent that any

provision is either inconsistent with a provision expressly applying to

design professional service corporations or not relevant thereto.

(h) "Design professional" means an individual licensed and registered

pursuant to title eight of the education law to practice professional

engineering, architecture, landscape architecture, geology or land

surveying.

(i) "Employee stock ownership plan" (ESOP) means a defined

contribution plan established pursuant to Section 4975(e)(7) of the

Internal Revenue Code.