Effective 5/13/2014
48-1d-1305. Limit of one profession.
48-1d-1305. Limit of one profession.
- (1) A professional services partnership organized to provide a professional service under this part may provide only:
- (a) one specific type of professional service; and
- (b) services ancillary to the professional service described in Subsection (1)(a).
- (2) A professional services partnership organized to provide a professional service under this part may not engage in a business other than to provide:
- (a) the professional service that it was organized to provide; and
- (b) services ancillary to the professional service described in Subsection (2)(a).
- (3) Notwithstanding Subsections (1) and (2), a professional services partnership may:
- (a) own real and personal property necessary or appropriate for providing the type of professional service it was organized to provide; and
- (b) invest the professional services partnership’s money in one or more of the following:
- (i) real estate;
- (ii) mortgages;
- (iii) stocks;
- (iv) bonds; or
- (v) another type of investment.
Amended by Chapter 189, 2014 General Session