The Florida Bar

OPINION 61-19 Supplemental
October 11, 1961

While a lawyer may not hold a share in a Professional Service Corporation with accountants, there is no objection to his holding a share in a corporation not organized under such act, if there is no “feeder” arrangement involved.

Canons: 27, 35
Opinion: 61-19

Chairman Holcomb stated the opinion of the committee:

Following Opinion 61-19 advising a member of The Florida Bar that under the Professional Service Corporation Act he as a lawyer could not hold stock in such a corporation organized by accountants or any other profession than lawyers, he has requested our further opinion as to whether he might be permitted to hold a share of stock in a corporation not organized under the Professional Service Corporation Act but as a standard corporation for profit where the accountant firm is located in another city, there is no sharing of reception or other space and there is no “feeder” arrangement involved under which he would receive business through the firm.

It is our opinion that under these circumstances there is no reason why he should not ethically hold stock in any business corporation which is operated entirely separate from his own business and does not involve any “feeder” arrangement.

[Revised: 08-24-2011]