senate Bill S4596A

2013-2014 Legislative Session

Relates to certified public accountants

download bill text pdf

Sponsored By

Archive: Last Bill Status -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 10, 2014 referred to higher education
delivered to assembly
passed senate
Jun 09, 2014 ordered to third reading cal.1208
committee discharged and committed to rules
Jun 06, 2014 print number 4596b
amend and recommit to higher education
Mar 07, 2014 print number 4596a
amend (t) and recommit to higher education
Jan 08, 2014 referred to higher education
Apr 12, 2013 referred to higher education

Co-Sponsors

S4596 - Details

See Assembly Version of this Bill:
A9771
Law Section:
Education Law
Laws Affected:
Amd §7408, Ed L; amd §§1503 & 1525, BC L; amd §§2, 121-1500, 121-1502 & 121-101, Partn L; amd §§1207 & 1301, Lim Lil L

S4596 - Summary

Relates to certified public accountants.

S4596 - Sponsor Memo

S4596 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4596

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 12, 2013
                               ___________

Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Higher Education

AN ACT to amend the education  law,  in  relation  to  certified  public
  accountants

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 2 of section 7408  of  the  education  law,  as
amended  by  chapter  651  of  the  laws  of 2008, is amended to read as
follows:
  2. A. No firm shall use the words  "certified  public  accountant"  or
"certified  public  accountants"  or  the  letters  "CPA"  or  "CPAs" in
connection with its name unless the sole proprietor of such firm or each
partner of a partnership or limited liability partnership, member  of  a
limited  liability  company  or  shareholder  of  a professional service
corporation engaged within the United States in the practice  of  public
accountancy  is in good standing as a certified public accountant of one
or more of the states of the United States.   NOTWITHSTANDING ANY  OTHER
PROVISIONS  OF LAW TO THE CONTRARY, AN APPLICANT FOR INITIAL ISSUANCE OR
RENEWAL OF A FIRM  PERMIT  TO  PRACTICE  UNDER  THIS  SECTION  SHALL  BE
REQUIRED  TO  SHOW  (1)  THAT  A SIMPLE MAJORITY OF THE OWNERSHIP OF THE
FIRM, IN TERMS OF FINANCIAL INTERESTS AND  VOTING  RIGHTS  HELD  BY  THE
FIRM'S  OWNERS,  BELONGS  TO  INDIVIDUALS  LICENSED  TO  PRACTICE PUBLIC
ACCOUNTANCY IN SOME STATE, AND (2) THAT ALL PARTNERS OF A PARTNERSHIP OR
LIMITED LIABILITY PARTNERSHIP, OR MEMBERS OF A LIMITED LIABILITY  COMPA-
NY,  OR SHAREHOLDERS OF A PROFESSIONAL SERVICE CORPORATION WHOSE PRINCI-
PAL PLACE OF BUSINESS IS IN THIS STATE, AND WHO ARE ENGAGED IN THE PRAC-
TICE OF PUBLIC ACCOUNTANCY IN THIS STATE, HOLD A  VALID  LICENSE  ISSUED
UNDER  SECTION  SEVENTY-FOUR  HUNDRED FOUR OF THIS ARTICLE OR ARE PUBLIC
ACCOUNTANTS LICENSED UNDER SECTION SEVENTY-FOUR  HUNDRED  FIVE  OF  THIS
ARTICLE.  ALTHOUGH  FIRMS  MAY INCLUDE NON-LICENSEE OWNERS, THE FIRM AND
ITS OWNERS MUST COMPLY WITH RULES PROMULGATED  BY  THE  BOARD.  NOTWITH-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10267-01-3

Co-Sponsors

S4596A - Details

See Assembly Version of this Bill:
A9771
Law Section:
Education Law
Laws Affected:
Amd §7408, Ed L; amd §§1503 & 1525, BC L; amd §§2, 121-1500, 121-1502 & 121-101, Partn L; amd §§1207 & 1301, Lim Lil L

S4596A - Summary

Relates to certified public accountants.

S4596A - Sponsor Memo

S4596A - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4596--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 12, 2013
                               ___________

Introduced by Sens. LAVALLE, STAVISKY -- read twice and ordered printed,
  and  when printed to be committed to the Committee on Higher Education
  -- recommitted to the Committee on Higher Education in accordance with
  Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the education law, the business corporation law, the
  partnership law and the limited liability company law, in relation  to
  certified public accountants

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 2 of section 7408  of  the  education  law,  as
amended  by  chapter  651  of  the  laws  of 2008, is amended to read as
follows:
  2. A. No firm shall use the words  "certified  public  accountant"  or
"certified  public  accountants"  or  the  letters  "CPA"  or  "CPAs" in
connection with its name unless the sole proprietor of such firm or each
partner of a partnership or limited liability partnership, member  of  a
limited  liability  company  or  shareholder  of  a professional service
corporation engaged within the United States in the practice  of  public
accountancy  is in good standing as a certified public accountant of one
or more of the states of the United States.   NOTWITHSTANDING ANY  OTHER
PROVISIONS  OF  LAW,  AN  APPLICANT FOR INITIAL ISSUANCE OR RENEWAL OF A
FIRM PERMIT TO PRACTICE UNDER THIS SECTION SHALL BE REQUIRED TO SHOW (1)
THAT A SIMPLE MAJORITY OF THE OWNERSHIP OF THE FIRM, IN TERMS OF  FINAN-
CIAL  INTERESTS,  INCLUDING  OWNERSHIP-BASED  COMPENSATION,  AND  VOTING
RIGHTS HELD BY THE FIRM'S OWNERS, BELONGS  TO  INDIVIDUALS  LICENSED  TO
PRACTICE  PUBLIC ACCOUNTANCY IN SOME STATE, AND (2) THAT ALL PARTNERS OF
A PARTNERSHIP OR LIMITED LIABILITY PARTNERSHIP, OR MEMBERS OF A  LIMITED
LIABILITY COMPANY, OR SHAREHOLDERS OF A PROFESSIONAL SERVICE CORPORATION
WHOSE  PRINCIPAL PLACE OF BUSINESS IS IN THIS STATE, AND WHO ARE ENGAGED
IN THE PRACTICE OF PUBLIC  ACCOUNTANCY  IN  THIS  STATE,  HOLD  A  VALID

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10267-02-4

Co-Sponsors

S4596B (ACTIVE) - Details

See Assembly Version of this Bill:
A9771
Law Section:
Education Law
Laws Affected:
Amd §7408, Ed L; amd §§1503 & 1525, BC L; amd §§2, 121-1500, 121-1502 & 121-101, Partn L; amd §§1207 & 1301, Lim Lil L

S4596B (ACTIVE) - Summary

Relates to certified public accountants.

S4596B (ACTIVE) - Sponsor Memo

S4596B (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4596--B

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 12, 2013
                               ___________

Introduced by Sens. LAVALLE, STAVISKY -- read twice and ordered printed,
  and  when printed to be committed to the Committee on Higher Education
  -- recommitted to the Committee on Higher Education in accordance with
  Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
  reprinted  as  amended  and recommitted to said committee -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the education law, the  business  corporation  law,  the
  partnership  law and the limited liability company law, in relation to
  certified public accountants

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  7408 of the education law is amended by adding a
new subdivision 6 to read as follows:
  6. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, ANY FIRM ESTABLISHED TO
LAWFULLY ENGAGE IN THE PRACTICE OF PUBLIC ACCOUNTANCY PURSUANT TO  ARTI-
CLE FIFTEEN OF THE BUSINESS CORPORATION LAW, ARTICLES ONE AND EIGHT-B OF
THE  PARTNERSHIP  LAW,  OR  ARTICLES  TWELVE AND THIRTEEN OF THE LIMITED
LIABILITY COMPANY LAW SHALL BE DEEMED AUTHORIZED TO REGISTER PURSUANT TO
THIS SECTION.
  S 2. Section 1503 of the business corporation law is amended by adding
a new paragraph (h) to read as follows:
  (H) ANY FIRM ESTABLISHED FOR THE BUSINESS PURPOSE OF INCORPORATING  AS
A  PROFESSIONAL  SERVICE  CORPORATION  FORMED  TO LAWFULLY ENGAGE IN THE
PRACTICE OF PUBLIC ACCOUNTANCY, AS SUCH PRACTICE IS RESPECTIVELY DEFINED
UNDER ARTICLE ONE HUNDRED FORTY-NINE  OF  THE  EDUCATION  LAW  SHALL  BE
REQUIRED  TO  SHOW  (1)  THAT  A SIMPLE MAJORITY OF THE OWNERSHIP OF THE
FIRM, IN TERMS OF FINANCIAL INTERESTS, INCLUDING OWNERSHIP-BASED COMPEN-
SATION, AND VOTING RIGHTS HELD BY THE FIRM'S OWNERS, BELONGS TO INDIVID-
UALS LICENSED TO PRACTICE PUBLIC ACCOUNTANCY IN SOME STATE, AND (2) THAT
ALL SHAREHOLDERS OF A PROFESSIONAL SERVICE CORPORATION  WHOSE  PRINCIPAL

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10267-07-4

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