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Opinion 61-19 (Supplemental)

OPINION 61-19 Supplemental
October 11, 1961
Advisory ethics opinions are not binding.
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.

27, 35

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.