Current through Register Vol. 48, No. 38, September 20, 2024
a) For purposes of
this Section:
1) "Applicant Firm" or "Firm"
shall include:
A) A sole proprietorship,
corporation, registered limited liability partnership, limited liability
company, partnership, professional service corporation, or any other form of
organization determined by the Division or other regulatory authority to be
authorized or entitled to conduct business in this State and meeting
requirements of the Act relating to the performance of accountancy activities
in this State;
B) A public
accounting unit consisting of an individual licensee operating under an assumed
name, including but not limited to a business name, that contains such words as
"and Company", "and Associates" or similar words indicating that others take
part in the conduct of the business.
2) "Member" includes a partner in a
partnership, officer or shareholder in a corporation, member of a limited
liability company and any other person (natural or otherwise) who or that is
the owner of an interest in an applicant firm and who has responsibility for
accountancy activities in this State as set forth in Section 14.4 of the
Act.
b) An applicant
firm seeking licensure shall submit:
1) A
completed and signed application on forms provided by the Division;
2) The required fee set forth in Section
1420.40; and
3) An affidavit stating:
A) The name, address and license number of
each member personally engaged in Illinois in the performance of accountancy
activities;
B) The name, address
and license number of each person who shall be responsible for the proper
licensure of an office of the firm in Illinois; and
C) The majority of the ownership of the firm,
in terms of financial interests and voting rights of all partners, officers,
shareholders or members belongs to persons licensed or registered in some
state, and that the partners, officers, shareholders or members whose principal
place of business is in this State and who perform accountancy activities in
this State hold a valid license issued by this State.
c) Every CPA firm licensed under
the Act shall notify the Division of any change in members at the time of
renewal.
d) An individual
exercising the practice privilege afforded under Section 5.2 of the Act who
performs services for which a CPA firm license is required under Section 5.2(d)
of the Act shall not be required to obtain an individual CPA license.
e) Effective December 31, 2016, any
professional service corporation applying for licensure to practice accountancy
activities in Illinois shall be issued a CPA firm license, so long as all
requirements set forth in the Act and this Section are met.
f) Effective December 31, 2018, all actively
licensed professional service corporations practicing accountancy activities in
Illinois shall be issued a CPA firm license under the Act, so long as all
requirements of the Act and this Section are met.
