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Damien Bosco
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Hi, I plan to set up accounting firm in PA as professional

Resolved Question:

Hi, I plan to set up accounting firm in PA as professional corporation type.
Q1: For professional corporation type in PA, should only CPA licensee have ownership interest in firm or nonlicensee can have ownership interest in accounting firm?
Q2: For the name of accounting firm as professional corporation type in PA, should CPA name be included in the name of firm or not? Thanks in advance
Submitted: 1 year ago.
Category: Business Law
Expert:  Damien Bosco replied 1 year ago.
Hi and Welcome! My name is XXXXX XXXXX will be assisting you. I am happy to help you.

Yes, Section 8.8 of the CPA Law permits unlicensed persons to own up to one-third of the equity interests in a firm, so long as the unlicensed persons do not constitute more than one-third in number of the equity owners of the firm. The unlicensed person will be permitted to designate or refer to themselves as a "principal, owner, officer, member, or shareholder" of the firm.

The non-CPA owners cannot hold themselves out as a CPA or PA, have pleaded guilty to or been convicted of a felony, or be in violation of any State Board regulation regarding the character or conduct of a qualified nonlicensee who is the owner of an equity interest in a firm.

Non-CPA owners must have graduated with a baccalaureate or higher degree from a college or university approved by the Pennsylvania Department of Education; and comply with all applicable provisions of the CPA statute and the regulations of the State Board; and be the principal occupation of the individual and shall be in the nature of providing services to the firm or clients of the firm and not solely as an investor or in another commercial or passive capacity.

 

The CPA's name does not have to have to be in the firm name. I hope this helps you. Regards, Damien

Customer: replied 1 year ago.

thank you for your great advice!! Is your answer applied to only professional corproation type or other type (ex. LLC) ? thanks

Expert:  Damien Bosco replied 1 year ago.
Hello again Sunny! It would apply to other types also such as an LLC. I hope this helps you. Regards, Damien
Damien Bosco, Attorney
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Experience: Helping you with your legal questions.
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