Hobson, Jones, Carter, and Wolff are medical doctors who have worked together for several years. Their attorney formed a typical professional corporation for them. Which of the following is true?
A. Such a corporation will not be recognized for federal tax purposes.
B. The state in which they incorporated must have enacted professional corporation statutes.
C. Upon incorporation, the doctor-shareholder is insulated from personal liability beyond his or her capital contribution.
D. The majority of states prohibit the formation of professional corporations by physicians.
Answer: B. The state in which they incorporated must have enacted professional corporation statutes.
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