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Minnesota Legislature

Office of the Revisor of Statutes

326.192 Licensure; qualifications of firms.

Subdivision 1. Application. Upon application made upon the affidavit of a general partner of the partnership, secretary of the corporation, or member of the limited liability company or partnership who is a CPA or a LPA of this state in good standing, the board shall issue a firm license. The license shall be valid for a period prescribed by the board, unless the license is revoked sooner. The application shall confer upon the board the consent of the partnership, corporation, or limited liability company or partnership, and of the general partner, secretary, or member making the application, to the board's jurisdiction over the acts of the partnership and its partners or agents, of the corporation and its shareholders or agents within the state, or of the limited liability company or partnership and its members or agents.

Subd. 2. CPA firms. No partnership, corporation, or limited liability company or partnership shall style itself as a firm of CPAs unless:

(1) all partners, shareholders, or members resident in this state are CPAs of this state;

(2) all managers in charge of offices maintained in this state are CPAs of this state;

(3) all partners, shareholders, or members, wherever situated, are CPAs of one of the states or territories or of the District of Columbia; and

(4) the partnership, corporation, or limited liability company or partnership is duly licensed under this section.

Subd. 3. LPA firms. No partnership, corporation, or limited liability company or partnership shall style itself as a firm of LPAs unless:

(1) all partners, shareholders, or members resident in this state are LPAs or CPAs of this state;

(2) all managers in charge of offices maintained in this state are LPAs or CPAs of this state;

(3) all partners, shareholders, or members, wherever situated, are LPAs of this state or CPAs of one of the states or territories or the District of Columbia; and

(4) the partnership, corporation, or limited liability company or partnership is duly licensed under this section.

Subd. 4. Cooperative auditing organization. Any cooperative auditing organization organized under chapter 308A is qualified for a cooperative auditing service license and may style itself as a licensed cooperative auditing service if:

(1) for a minimum of one year prior to July 1, 1979, it rendered auditing or accounting of business analysis services to its members only; and

(2) its managers in charge of offices maintained in this state are certified public accountants or licensed public accountants of this state.

Cooperative auditing services shall comply with all requirements imposed by sections 326.165 to 326.229 and the board's rules governing firms.

HIST: 1998 c 340 s 5

* NOTE: This section is repealed by Laws 2001, chapter 109, article *1, section 18, effective January 1, 2003. Laws 2001, chapter 109, *article 1, section 19.