A professional corporation is a corporation consisting of professionals who are licensed to practice a particular profession such as accountants, lawyers and doctors. These professionals can form a corporation and take advantage of the various benefits of the corporate structure such as limited liability of shareholders, continuity of life and centralized management. However, shares in a professional corporation can only be transferred to other individuals licensed to practice in the same profession. Moreover, the corporation and its members are subject to the same supervision by appropriate state regulatory agencies as individual practitioners. However, professional corporations generally enjoy the same powers and privileges and are subject to the same duties, restrictions, and liabilities as other corporations.