NY A02919

Allows professional service corporations, limited liability partnerships, limited partnerships, and limited liability companies to include non-licensed owners while maintaining a simple majority ownership by individuals licensed to practice public accountancy in some state.

Requires all shareholders, partners, or members whose principal place of business is in New York and who engage in public accountancy practice to hold valid New York licenses under Education Law section 7404.

Prohibits firms from using "certified public accountant," "CPA," or similar titles if they have non-licensed owners.

Requires non-licensed owners to be natural persons or entities whose beneficial owners actively participate in the firm's day-to-day business or client services.

Mandates professional service corporations to file compliance statements every three years certifying that at least 51% of shares, directors, and officers are licensed certified public accountants, and that the president, board chair, and chief executive officer are all CPAs.