§ 48-1d-1305 — Limit of one profession.

(1) A professional services partnership organized to provide a professional service under this part may provide only:

(1)(a) one specific type of professional service; and
(1)(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:

(2)(a) the professional service that it was organized to provide; and
(2)(b) services ancillary to the professional service described in Subsection (2)(a).
(3) Notwithstanding Subsections (1) and (2), a professional services partnership may:

(3)(a) own real and personal property necessary or appropriate for providing the type of professional service it was organized to provide; and
(3)(b) invest the professional services partnership's money in one or more of the following:
(3)(b)(i) real estate;
(3)(b)(ii) mortgages;
(3)(b)(iii) stocks;
(3)(b)(iv) bonds; or
(3)(b)(v) another type of investment.

Legislative History

Amended by Chapter 189, 2014 General Session