About firm ownership
A minority of the ownership of a firm practicing public accountancy within this
state may be held by non certified public accountants or non licensed public
accountants, but each such owner: 1. Must be an individual; 2. Must not serve
as the principal executive officer of the firm; 3. Must not exercise authority
over the performance of audit, review, compilation, or other attest services;
and 4. Must not aid in the unauthorized practice of public accounting, or knowingly
misrepresent facts, or commit any act discreditable to the accounting profession.
When any owner of a firm practicing public accounting within this state is
convicted of a felony or other crime involving fraud or dishonesty, or is disciplined
by a regulatory agency, that person's ownership in the firm must be fully divested
within six months thereafter, if so directed by the board. In the event of death
or incapacity of a firm's sole owner, the firm may continue to operate under
the owner's name and credential, for up to one year. The board may require firm
supervision.