Ownership Requirements

The Board requires a simple majority of the financial interests and voting rights of all partners, officers, shareholders, or managers to belong to licensed certified public accountants or registered public accountants.

Non-CPA Owners

All non-CPA owners must be active participants in the firm or in affiliated entities. Non-licensee owners are considered active participants if they are employed in the firm for at least 20 hours per week and are otherwise legally authorized to provide compatible professional services. Non-licensee owners must have no direct control or personal supervision of the practice or personnel who act on behalf of the firm in giving assurance in a report or otherwise.

Professional Limited Liability Company Ownership Requirements

Professional limited liability companies must defer to the membership requirements cited in Chapter 31B. Uniform Limited Liability Act. Article 13. Professional Limited Liability Companies,