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NY A04189
Bill
Status
2/10/2023
Primary Sponsor
Crystal Peoples-Stokes
Click for details
AI Summary
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Requires professional service corporations, partnerships, and limited liability companies (LLCs) formed to practice public accountancy to maintain simple majority ownership and control by individuals licensed to practice public accountancy in any state.
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Mandates that all shareholders, partners, or members of accounting firms whose principal place of business is in New York and who practice public accountancy in the state must hold valid New York CPA licenses under Education Law Section 7404.
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Prohibits accounting firms from using "CPA" or "certified public accountant" in their names if they have non-licensed owners, though registered firms may include non-licensee owners under state board of regents rules.
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Requires non-licensee owners to be natural persons or entities actively participating in the firm's day-to-day business or client services, with all beneficial owners being natural persons who actively participate.
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Imposes a $900 triennial fee on non-licensee owners of accounting firms registered with the education department and headquartered in New York.
Legislative Description
Relates to certified public accountants; requires that a majority of the ownership of a professional service corporation formed to lawfully engage in the practice of public accountancy as a firm are individuals licensed to practice public accountancy in some state; enacts similar provisions for partnerships and LLCs.
Last Action
substituted by s2473a
5/30/2023