For example, there are restrictions on the acceptable names available for professional corporations. Corporations should include the physician's name, or initials, or the geographical area in which they practice. Two thirds of the directors of the professional corporation must be physicians. As most professional corporations are only set up by a single physician, this usually means that he or she is the only director. It is common in a corporate structure for there to be different classes of shares.
Some shareholders have the right to vote and, hence, oversee the corporation's affairs.
For Professional Corporations, such voting shares must be held by licensed physicians or by corporations controlled by licensed physicians. In addition, the corporate structure may establish shares which do not have the right to vote, but only share in any financial benefits. Once a corporation has been established that meets the above criteria, it can be registered with the College. The annual fee for professional corporation is fifty dollars. Upon registration, the College advises Medicare that the Corporation is licensed to practice medicine and which physician or physicians are practicing through that corporation.