(a) To qualify for a permit, a corporation shall meet the requirements of this section.
Maryland Professional Service Corporation Act
(b) The corporation shall meet the applicable requirements of the Maryland Professional Service Corporation Act1 or of the comparable law in another state.
Duties of corporation
(c) The corporation 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 interest in corporation
(d) An individual who is not licensed to practice certified public accountancy in this State or another state may have an ownership interest in the corporation if:
(1) a simple majority of the ownership of the corporation, in terms of financial interests and voting rights, is held by individuals licensed to practice certified public accountancy in this or another state;
(2) the individual is an active participant in the corporation or affiliated entities;
(3) the corporation submits to the Board the name of a licensee of this State, or, if applicable, a licensee of another state with a practice privilege in this State who is responsible for the registration of the corporation; and
(4) the corporation complies with any other requirements that the Board imposes.
Credits
Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Amended by Acts 2001, c. 44, § 1, eff. Oct. 1, 2001; Acts 2008, c. 536, § 1, eff. Oct. 1, 2008; Acts 2019, c. 8, § 1, eff. March 27, 2019.
MD Code, Business Occupations & Professions, § 2-403, MD BUS OCCUP & PROF § 2-403
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.
