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NY S02473
Bill
Status
12/8/2023
Primary Sponsor
Toby Stavisky
Click for details
AI Summary
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Requires professional service corporations, limited liability partnerships, and limited liability companies engaged in 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 shareholders, partners, or members of such firms who practice public accountancy in New York hold valid CPA licenses issued under Education Law section 7404.
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Prohibits firms using "certified public accountant," "CPA," or similar designations in their names from having non-licensed owners, though registered firms may include non-licensee owners if they actively participate in the business and comply with State Board of Regents rules.
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Applies identical requirements to foreign professional service entities (corporations, partnerships, and LLCs) registered to operate in New York.
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Imposes a $900 triennial fee on each non-licensee owner of a registered public accountancy firm with principal place of business 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
APPROVAL MEMO.47
12/8/2023