§ 2-402.1. Qualifications of applicants -- Limited liability companies

   (a) In general. -- To qualify for a permit, a limited liability company shall meet the requirements of this section.

(b) Permanent office and principal place of business. -- 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.

(c) Members licensed. -- 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.

HISTORY: 1993, ch. 459, § 2; 2001, ch. 44; 2008, ch. 536.