H.P. 685 - L.D. 941
An Act to Require That Certified Public Accounting and Public Accounting Firms Have a Majority of Their Owners Hold Certificates
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 32 MRSA §12252, sub-§3, as enacted by PL 1987, c. 489, §2, is repealed and the following enacted in its place:
3. Individual permits required. The following provisions apply to the issuance of individual permits.
A. An applicant for initial issuance or renewal of a permit to practice under this section shall show that a simple majority of the ownership of the firm, in terms of financial interests and voting rights of all partners, officers, shareholders, members or managers, belongs to holders of certificates who are licensed in a state and that all partners, officers, shareholders, members or managers whose principal place of business is in this State and who perform professional services in this State hold valid permits issued by the board. At least a simple majority of the ownership of a public accounting firm, in terms of financial interests and voting rights, must belong to holders of permits issued by the board. Firms may include nonlicensee owners in accordance with paragraph B.
B. A certified public accountancy firm or public accountancy firm may include nonlicensee owners as long as:
(1) All nonlicensee owners are individuals who actively participate in the certified public accountancy firm or public accountancy firm; and
(2) The firm complies with such other requirements as the board may impose by rule.
Sec. 2. 32 MRSA §12275, sub-§3, as enacted by PL 1987, c. 489, §2, is amended to read:
3. Use of title. No A firm may not assume or use the title or designation "certified public accountant," the abbreviation "CPA" or any other title, designation, words, letters, abbreviation, sign, card or device indicating that the firm is composed of certified public accountants, unless:
A. The firm holds a valid permit issued under section 12252; and
B. All Fifty-one percent of all partners, officers and shareholders of the firm hold certificates.
Effective September 18, 1999, unless otherwise indicated.
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