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Maryland Code, Business Occupations and Professions § 17-512

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) With the consent of a licensed real estate broker, one or more licensed real estate salespersons and licensed associate real estate brokers who are affiliated with the licensed real estate broker may:

(1) organize and wholly own a professional service corporation under the Maryland Professional Service Corporation Act;  1

(2) form a limited liability company under the Maryland Limited Liability Company Act;  2 or

(3) form any other business entity authorized under Maryland law.

(b) A professional service corporation may be organized and owned or a limited liability company or other business entity may be formed under this section by any number and any combination of licensed real estate salespersons and licensed associate real estate brokers. However, each shareholder in the corporation, member of the limited liability company, or owner of any other business entity shall be either a licensed real estate salesperson or a licensed associate real estate broker.

(c) A licensed real estate salesperson or a licensed associate real estate broker who is a shareholder of a professional service corporation, a member of a limited liability company, or the owner of any other business entity may direct that any commission due the salesperson or associate broker be paid to the corporation, limited liability company, or other business entity.

1 Corporations and Associations, § 5-101 et seq.
2 Corporations and Associations, § 4A-101 et seq.
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Cite this article: FindLaw.com - Maryland Code, Business Occupations and Professions § 17-512 - last updated January 01, 2025 | https://codes.findlaw.com/md/business-occupations-and-professions/md-code-bus-occup-and-prof-sect-17-512/

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