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§ 2-402.1. Qualifications of limited liability company

West's Annotated Code of MarylandBusiness Occupations and ProfessionsEffective: October 1, 2008

West's Annotated Code of Maryland
Business Occupations and Professions
Title 2. Accountants (Refs & Annos)
Subtitle 4. Permits (Refs & Annos)
Effective: October 1, 2008
MD Code, Business Occupations & Professions, § 2-402.1
§ 2-402.1. Qualifications of limited liability company
Currentness
In general
(a) To qualify for a permit, a limited liability company shall meet the requirements of this section.
Duties of limited liability company
(b) The limited liability company shall:
(1) have at least a simple majority of the officers, shareholders, members, or managers, in terms of financial interest and voting rights, be licensed in a state;
(2)(i) have a permanent office in the State from which an individual is licensed to practice certified public accountancy; or
(ii) have at least a simple majority of the officers, shareholders, members, or managers retain a principal place of business in this State;
(3) hold a valid license issued under § 2-301 of this title; and
(4) comply with regulations adopted by the Board.
Ownership interests in limited liability company
(c) An individual who is not licensed to practice certified public accountancy in this State or another state may have an ownership interest in the limited liability company if:
(1) a simple majority of the ownership of the limited liability company, in terms of financial interests and voting rights, is held by individuals licensed to practice certified public accountancy in this or another state; and
(2) the individual is an active participant in the limited liability company or affiliated entities.

Credits

Added by Acts 1993, c. 459, § 2. Amended by Acts 2001, c. 44, § 1, eff. Oct. 1, 2001; Acts 2008, c. 536, § 1, eff. Oct. 1, 2008.
MD Code, Business Occupations & Professions, § 2-402.1, MD BUS OCCUP & PROF § 2-402.1
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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