Assembly Bill A4189

Signed By Governor
2023-2024 Legislative Session

Relates to certified public accountants

download bill text pdf

Sponsored By

Current Bill Status Via S2473 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

co-Sponsors

multi-Sponsors

2023-A4189 (ACTIVE) - Details

See Senate Version of this Bill:
S2473
Law Section:
Business Corporation Law
Laws Affected:
Amd §§1503, 1507, 1508, 1509, 1511, 1514 & 1525, BC L; amd §§121-1500 & 121-1502, Partn L; amd §§1207 & 1301, Lim Lil L
Versions Introduced in Other Legislative Sessions:
2013-2014: S4596
2015-2016: S4672
2017-2018: S3851
2019-2020: S3842
2021-2022: S4221

2023-A4189 (ACTIVE) - Summary

Relates to certified public accountants; requires that a majority of the ownership of a professional service corporation formed to lawfully engage in the practice of public accountancy as a firm are individuals licensed to practice public accountancy in some state; enacts similar provisions for partnerships and LLCs.

2023-A4189 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4189
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 10, 2023
                                ___________
 
 Introduced  by  M.  of A. PEOPLES-STOKES, TAYLOR, MAGNARELLI, BENEDETTO,
   DICKENS, JEAN-PIERRE, SEAWRIGHT, MORINELLO, COOK, L. ROSENTHAL, LUPAR-
   DO, BRONSON, DILAN, PHEFFER AMATO, DINOWITZ, PRETLOW,  ROZIC,  JOYNER,
   HUNTER, HEVESI, HYNDMAN, GUNTHER, STIRPE, WOERNER, FAHY, SANTABARBARA,
   BICHOTTE HERMELYN, WEPRIN, VANEL, ZEBROWSKI, WALLACE, PAULIN, CARROLL,
   FALL,  REYES,  WALKER,  SAYEGH, McMAHON, BARRETT, BUTTENSCHON, COLTON,
   BRAUNSTEIN, DARLING, STERN, RAMOS, JONES, ZINERMAN, BURGOS,  ANDERSON,
   LUNSFORD  --  Multi-Sponsored  by  --  M.  of A. DAVILA, J. M. GIGLIO,
   GOODELL, THIELE -- read once and referred to the Committee  on  Higher
   Education
 
 AN  ACT  to  amend 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 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 DEFINED UNDER ARTI-
 CLE 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 AND VOTING RIGHTS  HELD  BY  THE  FIRM'S  OWNERS,
 BELONGS  TO  INDIVIDUALS LICENSED TO PRACTICE PUBLIC ACCOUNTANCY IN SOME
 STATE, AND (2) THAT ALL SHAREHOLDERS OF A  PROFESSIONAL  SERVICE  CORPO-
 RATION  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  LICENSE  ISSUED  UNDER  SECTION  SEVENTY-FOUR HUNDRED FOUR OF THE
 EDUCATION LAW. FOR PURPOSES  OF  THIS  PARAGRAPH,  "FINANCIAL  INTEREST"
 MEANS  CAPITAL  STOCK,  CAPITAL ACCOUNTS, CAPITAL CONTRIBUTIONS, CAPITAL
 INTEREST, OR INTEREST IN UNDISTRIBUTED EARNINGS OF  A  BUSINESS  ENTITY.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00057-04-3
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.