This bill has been amended

Bill S4596A-2013

Relates to certified public accountants

Relates to certified public accountants.

Details

Actions

  • Mar 7, 2014: PRINT NUMBER 4596A
  • Mar 7, 2014: AMEND (T) AND RECOMMIT TO HIGHER EDUCATION
  • Jan 8, 2014: REFERRED TO HIGHER EDUCATION
  • Apr 12, 2013: REFERRED TO HIGHER EDUCATION

Memo

BILL NUMBER:S4596A

TITLE OF BILL: 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

PURPOSE: This bill would amend the education law to allow non-CPAs to be minority owners of CPA firms, consistent with 49 other states and jurisdictions.

SUMMARY OF PROVISIONS:

Section 7408 of the Education Law is amended as follows:

* Licensed CPAs must hold up to a simple majority of the ownership;

* A licensed CPA or CPA with practice privileges must be responsible for registration of the firm;

* The partner/owner in charge of attest services must be a licensed CPA;

* All non-CPA owners must be actively engaged in working for the firm or an affiliated entity; and

* Passive ownership is not permitted.

Section 1503 of the Business Corporation Law is amended as follows:

* To allow for non-CPA ownership provisions as defined by the amendments in section 7408 of the education law, to be applicable to accounting firms who have incorporated as professional service corporations.

Section 1525 of the Business Corporation Law is amended as follows:

* To allow for non-CPA ownership provisions as defined by the amendments to section 7408 of the education law, to be applicable to accounting firms who have incorporated as foreign professional service corporations.

Section 2 of the Partnership Law is amended as follows:

* To allow for non-CPA ownership provisions as defined by the amendments to section 7408 of the education law, to be applicable to accounting firms who have incorporated as professional partnerships.

Section 121-1500 of the Partnership law is amended as follows:

* To allow for non-CPA ownership provisions as defined by the amendments to section 7408 of the Education Law, to be applicable to accounting firms who have incorporated as limited liability partnerships.

Section 121-1502 of the Partnership law is amended as follows:

* To allow for non-CPA ownership provisions as defined by the amendments to section 7408 of the Education Law, to be applicable to accounting firms who have incorporated as foreign limited liability partnerships.

Section 121-101 of the Partnership Law is amended as follows:

* To allow for non-CPA ownership provisions as defined by the amendments to section 7408 of the Education Law, to be applicable to accounting firms who have incorporated as limited partnerships.

Section 1207 of the Limited Liability Company Law is amended as follows:

* To allow for non-CPA ownership provisions as defined by the amendments to section 7408 of the Education Law, to be applicable to accounting firms who have incorporated as professional service limited liability companies.

Section 1301 of the Limited Liability company Law is amended as follows:

* To allow for non-CPA ownership provisions as defined by the amendments to section 7408 of the Education Law, to be applicable to accounting firms who have incorporated as foreign professional service limited liability companies.

JUSTIFICATION: By enacting this legislation, New York would be joining 49 other states and jurisdictions in allowing for non-CPA ownership of firms. In 2012, Connecticut enacted similar legislation, leaving New York as the last state in the region without this proposal in law. The provisions of the legislation are consistent with and modeled after sections provided in the Uniform Accountancy Act (UAA).

This legislation is needed so that New York CPA firms can better serve New York clients. As global competition, the complexity of business structures and rapid technological breakthroughs continue to redefine commerce, accounting firms of all sizes, use the services of non-CPAs to help them navigate the dynamic terrain of today's business environment. These non-CPA professionals are critically important to the effectiveness of a CPA practice. In today's world, firms want to provide the best quality audits and this very often requires the skills of non-CPAs, such as systems engineers and other IT professionals, valuation specialists, actuaries, industry experts and others. Clients have come to expect that these specialists will participate in the CPA firm's work and the audit work product is better because of it.

CPA firm work, however, remains just that, the work of a CPA firm. This legislation limits the percentage of allowed non-CPA firm owners, ensuring that non-licensees can only ever have a minority interest in the firm. Further, enacting this legislation will even the playing field so that New York CPA firms will be permitted to have the same options to diversity their firm resources as firms in neighboring states who come in to New York to practice under mobility In addition, smaller CPA firms will find it easier to have a succession plan as they transition to the next generation.

Many clients now expect that a CPA firm will employ non-CPAs with significant expertise in specialized areas such as information technology. Therefore, CPA firms have a real need to attract and retain "the best and brightest" in these areas and to incorporate these individuals into the firm's culture. The vast majority of states and jurisdictions have recognized this need and have implemented one method of doing this which is to give an individual an ownership stake in the firm so that all of these individuals have a shared interest in the long-term viability of the firm. This bill will benefit firms, the profession and the state by attracting additional business and job opportunities.

LEGISLATIVE HISTORY: This is a new bill, however, current State Education Department regulations already allow for profit sharing with non-CPA's in a CPA firm of up to 35%.

FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: Immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 4596--A 2013-2014 Regular Sessions IN SENATE 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
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. NOTWITHSTANDING THE FOREGOING, A FIRM REGISTERED UNDER THIS SECTION MAY NOT HAVE NON-LICENSEE OWNERS IF THE FIRM'S NAME INCLUDES THE WORDS "CERTIFIED PUBLIC ACCOUNTANT," OR "CERTIFIED PUBLIC ACCOUNTANTS," OR THE ABBREVIATIONS "CPA" OR "CPAS." B. EACH NON-LICENSEE OWNER OF A FIRM THAT IS REGISTERED UNDER THIS SECTION SHALL BE (1) A NATURAL PERSON WHO ACTIVELY PARTICIPATES IN THE BUSINESS OF THE FIRM OR ITS AFFILIATED ENTITIES, OR (2) AN ENTITY, INCLUDING, BUT NOT LIMITED TO, A PARTNERSHIP OR PROFESSIONAL CORPO- RATION, PROVIDED EACH BENEFICIAL OWNER OF AN EQUITY INTEREST IN SUCH ENTITY IS A NATURAL PERSON WHO ACTIVELY PARTICIPATES IN THE BUSINESS CONDUCTED BY THE FIRM OR ITS AFFILIATED ENTITIES. FOR PURPOSES OF THIS SUBDIVISION, "ACTIVELY PARTICIPATE" MEANS TO PROVIDE SERVICES TO CLIENTS OR TO OTHERWISE INDIVIDUALLY TAKE PART IN THE DAY-TO-DAY BUSINESS OR MANAGEMENT OF THE FIRM. 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 LAWFULLY ENGAGING IN THE PRACTICE OF PUBLIC ACCOUNTANCY THAT IS REGISTERED UNDER SECTION SEVENTY-FOUR HUNDRED EIGHT OF THE EDUCATION LAW MAY BE INCORPORATED AS A PROFESSIONAL SERVICE CORPORATION UNDER THIS ARTICLE. SUCH A FIRM SHALL HAVE ATTACHED TO ITS CERTIFICATE OF INCORPORATION A CERTIFICATE OR CERTIFICATES DEMONSTRATING THE FIRM'S COMPLIANCE WITH PARAGRAPH A OF SUBDIVISION TWO OF SECTION SEVENTY-FOUR HUNDRED EIGHT OF THE EDUCATION LAW, IN LIEU OF THE CERTIFICATE OR CERTIFICATES REQUIRED BY SUBPARAGRAPH (II) OF PARAGRAPH (B) OF THIS SECTION. S 3. Paragraph (d) of section 1525 of the business corporation law, as added by chapter 505 of the laws of 1983, is amended to read as follows: (d) "Foreign professional service corporation" means a professional service corporation, whether or not denominated as such, organized under the laws of a jurisdiction other than this state, all of the sharehold- ers, directors and officers of which are authorized and licensed to practice the profession for which such corporation is licensed to do business; except that all shareholders, directors and officers of a foreign professional service corporation which provides health services in this state shall be licensed in this state. ANY FIRM ESTABLISHED FOR THE BUSINESS PURPOSE OF LAWFULLY ENGAGING IN THE PRACTICE OF PUBLIC ACCOUNTANCY THAT IS LICENSED UNDER SECTION SEVENTY-FOUR HUNDRED EIGHT OF THE EDUCATION LAW MAY BE INCORPORATED AS A FOREIGN PROFESSIONAL SERVICE CORPORATION UNDER THIS ARTICLE. S 4. The fourteenth undesignated paragraph of section 2 of the part- nership law, as added by chapter 576 of the laws of 1994, is amended to read as follows: "Professional partnership" means (1) a partnership without limited partners each of whose partners is a professional authorized by law to render a professional service within this state, (2) a partnership with- out limited partners each of whose partners is a professional, at least one of whom is authorized by law to render a professional service within this state or (3) a partnership without limited partners authorized by, or holding a license, certificate, registration or permit issued by the licensing authority pursuant to the education law to render a profes- sional service within this state; except that all partners of a profes- sional partnership that provides medical services in this state must be
licensed pursuant to article 131 of the education law to practice medi- cine in this state and all partners of a professional partnership that provides dental services in this state must be licensed pursuant to article 133 of the education law to practice dentistry in this state; [and further] except that all partners of a professional partnership that provides professional engineering, land surveying, architectural and/or landscape architectural services in this state must be licensed pursuant to article 145, article 147 and/or article 148 of the education law to practice one or more of such professions in this state; AND FURTHER EXCEPT THAT ALL PARTNERS OF A PROFESSIONAL PARTNERSHIP THAT PROVIDES PUBLIC ACCOUNTANCY SERVICES, WHOSE PRINCIPAL PLACE OF BUSINESS IS IN THIS STATE AND WHO PROVIDE PUBLIC ACCOUNTANCY SERVICES, MUST BE LICENSED PURSUANT TO ARTICLE 149 OF THE EDUCATION LAW TO PRACTICE PUBLIC ACCOUNTANCY IN THIS STATE. S 5. Subdivision (q) of section 121-1500 of the partnership law, as amended by chapter 554 of the laws of 2013, is amended to read as follows: (q) Each partner of a registered limited liability partnership formed to provide medical services in this state must be licensed pursuant to article 131 of the education law to practice medicine in this state and each partner of a registered limited liability partnership formed to provide dental services in this state must be licensed pursuant to arti- cle 133 of the education law to practice dentistry in this state. Each partner of a registered limited liability partnership formed to provide veterinary services in this state must be licensed pursuant to article 135 of the education law to practice veterinary medicine in this state. EACH PARTNER OF A REGISTERED LIMITED LIABILITY PARTNERSHIP FORMED TO PROVIDE PUBLIC ACCOUNTANCY SERVICES, WHOSE PRINCIPAL PLACE OF BUSINESS IS IN THIS STATE AND WHO PROVIDES PUBLIC ACCOUNTANCY SERVICES, MUST BE LICENSED PURSUANT TO ARTICLE 149 OF THE EDUCATION LAW TO PRACTICE PUBLIC ACCOUNTANCY IN THIS STATE. Each partner of a registered limited liabil- ity partnership formed to provide professional engineering, land survey- ing, architectural and/or landscape architectural services in this state must be licensed pursuant to article 145, article 147 and/or article 148 of the education law to practice one or more of such professions in this state. Each partner of a registered limited liability partnership formed to provide licensed clinical social work services in this state must be licensed pursuant to article 154 of the education law to practice clin- ical social work in this state. Each partner of a registered limited liability partnership formed to provide creative arts therapy services in this state must be licensed pursuant to article 163 of the education law to practice creative arts therapy in this state. Each partner of a registered limited liability partnership formed to provide marriage and family therapy services in this state must be licensed pursuant to arti- cle 163 of the education law to practice marriage and family therapy in this state. Each partner of a registered limited liability partnership formed to provide mental health counseling services in this state must be licensed pursuant to article 163 of the education law to practice mental health counseling in this state. Each partner of a registered limited liability partnership formed to provide psychoanalysis services in this state must be licensed pursuant to article 163 of the education law to practice psychoanalysis in this state. Each partner of a regis- tered limited liability partnership formed to provide applied behavior analysis service in this state must be licensed or certified pursuant to article 167 of the education law to practice applied behavior analysis in this state.
S 6. Subdivision (q) of section 121-1502 of the partnership law, as amended by chapter 554 of the laws of 2013, is amended to read as follows: (q) Each partner of a foreign limited liability partnership which provides medical services in this state must be licensed pursuant to article 131 of the education law to practice medicine in the state and each partner of a foreign limited liability partnership which provides dental services in the state must be licensed pursuant to article 133 of the education law to practice dentistry in this state. Each partner of a foreign limited liability partnership which provides veterinary service in the state shall be licensed pursuant to article 135 of the education law to practice veterinary medicine in this state. Each partner of a foreign limited liability partnership which provides professional engi- neering, land surveying, architectural and/or landscape architectural services in this state must be licensed pursuant to article 145, article 147 and/or article 148 of the education law to practice one or more of such professions. EACH PARTNER OF A REGISTERED FOREIGN LIMITED LIABIL- ITY PARTNERSHIP FORMED TO PROVIDE PUBLIC ACCOUNTANCY SERVICES, WHOSE PRINCIPAL PLACE OF BUSINESS IS IN THIS STATE AND WHO PROVIDES PUBLIC ACCOUNTANCY SERVICES, MUST BE LICENSED PURSUANT TO ARTICLE 149 OF THE EDUCATION LAW TO PRACTICE PUBLIC ACCOUNTANCY IN THIS STATE. Each partner of a foreign limited liability partnership which provides licensed clin- ical social work services in this state must be licensed pursuant to article 154 of the education law to practice licensed clinical social work in this state. Each partner of a foreign limited liability partner- ship which provides creative arts therapy services in this state must be licensed pursuant to article 163 of the education law to practice crea- tive arts therapy in this state. Each partner of a foreign limited liability partnership which provides marriage and family therapy services in this state must be licensed pursuant to article 163 of the education law to practice marriage and family therapy in this state. Each partner of a foreign limited liability partnership which provides mental health counseling services in this state must be licensed pursu- ant to article 163 of the education law to practice mental health coun- seling in this state. Each partner of a foreign limited liability part- nership which provides psychoanalysis services in this state must be licensed pursuant to article 163 of the education law to practice psychoanalysis in this state. Each partner of a foreign limited liabil- ity partnership which provides applied behavior analysis services in this state must be licensed or certified pursuant to article 167 of the education law to practice applied behavior analysis in this state. S 7. Subdivision (h) of section 121-101 of the partnership law, as added by chapter 950 of the laws of 1990, is amended to read as follows: (h) "Limited partnership" and "domestic limited partnership" mean, unless the context otherwise requires, a partnership (i) formed by two or more persons pursuant to this article or which complies with subdivi- sion (a) of section 121-1202 of this article and (ii) having one or more general partners and one or more limited partners. ANY FIRM ESTABLISHED FOR THE BUSINESS PURPOSE OF LAWFULLY ENGAGING IN THE PRACTICE OF PUBLIC ACCOUNTANCY THAT IS LICENSED UNDER SECTION SEVENTY-FOUR HUNDRED EIGHT OF ARTICLE 149 OF THE EDUCATION LAW MAY BE FORMED AS A LIMITED PARTNERSHIP UNDER THIS ARTICLE. S 8. Subdivision (b) of section 1207 of the limited liability company law, as amended by chapter 554 of the laws of 2013, is amended to read as follows:
(b) With respect to a professional service limited liability company formed to provide medical services as such services are defined in arti- cle 131 of the education law, each member of such limited liability company must be licensed pursuant to article 131 of the education law to practice medicine in this state. With respect to a professional service limited liability company formed to provide dental services as such services are defined in article 133 of the education law, each member of such limited liability company must be licensed pursuant to article 133 of the education law to practice dentistry in this state. With respect to a professional service limited liability company formed to provide veterinary services as such services are defined in article 135 of the education law, each member of such limited liability company must be licensed pursuant to article 135 of the education law to practice veter- inary medicine in this state. With respect to a professional service limited liability company formed to provide professional engineering, land surveying, architectural and/or landscape architectural services as such services are defined in article 145, article 147 and article 148 of the education law, each member of such limited liability company must be licensed pursuant to article 145, article 147 and/or article 148 of the education law to practice one or more of such professions in this state. WITH RESPECT TO A PROFESSIONAL SERVICE LIMITED LIABILITY COMPANY FORMED TO PROVIDE PUBLIC ACCOUNTANCY SERVICES AS SUCH SERVICES ARE DEFINED IN ARTICLE 149 OF THE EDUCATION LAW EACH MEMBER OF SUCH LIMITED LIABILITY COMPANY WHOSE PRINCIPAL PLACE OF BUSINESS IS IN THIS STATE AND WHO PROVIDES PUBLIC ACCOUNTANCY SERVICES, MUST BE LICENSED PURSUANT TO ARTI- CLE 149 OF THE EDUCATION LAW TO PRACTICE PUBLIC ACCOUNTANCY IN THIS STATE. With respect to a professional service limited liability company formed to provide licensed clinical social work services as such services are defined in article 154 of the education law, each member of such limited liability company shall be licensed pursuant to article 154 of the education law to practice licensed clinical social work in this state. With respect to a professional service limited liability company formed to provide creative arts therapy services as such services are defined in article 163 of the education law, each member of such limited liability company must be licensed pursuant to article 163 of the educa- tion law to practice creative arts therapy in this state. With respect to a professional service limited liability company formed to provide marriage and family therapy services as such services are defined in article 163 of the education law, each member of such limited liability company must be licensed pursuant to article 163 of the education law to practice marriage and family therapy in this state. With respect to a professional service limited liability company formed to provide mental health counseling services as such services are defined in article 163 of the education law, each member of such limited liability company must be licensed pursuant to article 163 of the education law to practice mental health counseling in this state. With respect to a professional service limited liability company formed to provide psychoanalysis services as such services are defined in article 163 of the education law, each member of such limited liability company must be licensed pursuant to article 163 of the education law to practice psychoanalysis in this state. With respect to a professional service limited liability company formed to provide applied behavior analysis services as such services are defined in article 167 of the education law, each member of such limited liability company must be licensed or certified pursuant to article 167 of the education law to practice applied behavior analysis in this state.
S 9. Subdivisions (a) and (f) of section 1301 of the limited liability company law, subdivision (a) as amended by chapter 554 of the laws of 2013 and subdivision (f) as amended by chapter 170 of the laws of 1996, are amended to read as follows: (a) "Foreign professional service limited liability company" means a professional service limited liability company, whether or not denomi- nated as such, organized under the laws of a jurisdiction other than this state, (i) each of whose members and managers, if any, is a profes- sional authorized by law to render a professional service within this state and who is or has been engaged in the practice of such profession in such professional service limited liability company or a predecessor entity, or will engage in the practice of such profession in the profes- sional service limited liability company within thirty days of the date such professional becomes a member, or each of whose members and manag- ers, if any, is a professional at least one of such members is author- ized by law to render a professional service within this state and who is or has been engaged in the practice of such profession in such professional service limited liability company or a predecessor entity, or will engage in the practice of such profession in the professional service limited liability company within thirty days of the date such professional becomes a member, or (ii) authorized by, or holding a license, certificate, registration or permit issued by the licensing authority pursuant to, the education law to render a professional service within this state; except that all members and managers, if any, of a foreign professional service limited liability company that provides health services in this state shall be licensed in this state. With respect to a foreign professional service limited liability company which provides veterinary services as such services are defined in arti- cle 135 of the education law, each member of such foreign professional service limited liability company shall be licensed pursuant to article 135 of the education law to practice veterinary medicine. With respect to a foreign professional service limited liability company which provides medical services as such services are defined in article 131 of the education law, each member of such foreign professional service limited liability company must be licensed pursuant to article 131 of the education law to practice medicine in this state. With respect to a foreign professional service limited liability company which provides dental services as such services are defined in article 133 of the education law, each member of such foreign professional service limited liability company must be licensed pursuant to article 133 of the educa- tion law to practice dentistry in this state. With respect to a foreign professional service limited liability company which provides profes- sional engineering, land surveying, architectural and/or landscape architectural services as such services are defined in article 145, article 147 and article 148 of the education law, each member of such foreign professional service limited liability company must be licensed pursuant to article 145, article 147 and/or article 148 of the education law to practice one or more of such professions in this state. WITH RESPECT TO A FOREIGN PROFESSIONAL SERVICE LIMITED LIABILITY COMPANY WHICH PROVIDES PUBLIC ACCOUNTANCY SERVICES AS SUCH SERVICES ARE DEFINED IN ARTICLE 149 OF THE EDUCATION LAW, EACH MEMBER OF SUCH FOREIGN PROFES- SIONAL SERVICE LIMITED LIABILITY COMPANY WHOSE PRINCIPAL PLACE OF BUSI- NESS IS IN THIS STATE AND WHO PROVIDES PUBLIC ACCOUNTANCY SERVICES, SHALL BE LICENSED PURSUANT TO ARTICLE 149 OF THE EDUCATION LAW TO PRAC- TICE PUBLIC ACCOUNTANCY IN THIS STATE. With respect to a foreign profes- sional service limited liability company which provides licensed clin-
ical social work services as such services are defined in article 154 of the education law, each member of such foreign professional service limited liability company shall be licensed pursuant to article 154 of the education law to practice clinical social work in this state. With respect to a foreign professional service limited liability company which provides creative arts therapy services as such services are defined in article 163 of the education law, each member of such foreign professional service limited liability company must be licensed pursuant to article 163 of the education law to practice creative arts therapy in this state. With respect to a foreign professional service limited liability company which provides marriage and family therapy services as such services are defined in article 163 of the education law, each member of such foreign professional service limited liability company must be licensed pursuant to article 163 of the education law to prac- tice marriage and family therapy in this state. With respect to a foreign professional service limited liability company which provides mental health counseling services as such services are defined in arti- cle 163 of the education law, each member of such foreign professional service limited liability company must be licensed pursuant to article 163 of the education law to practice mental health counseling in this state. With respect to a foreign professional service limited liability company which provides psychoanalysis services as such services are defined in article 163 of the education law, each member of such foreign professional service limited liability company must be licensed pursuant to article 163 of the education law to practice psychoanalysis in this state. With respect to a foreign professional service limited liability company which provides applied behavior analysis services as such services are defined in article 167 of the education law, each member of such foreign professional service limited liability company must be licensed or certified pursuant to article 167 of the education law to practice applied behavior analysis in this state. (f) "Professional partnership" means (1) a partnership without limited partners each of whose partners is a professional authorized by law to render a professional service within this state, (2) a partnership with- out limited partners each of whose partners is a professional, at least one of whom is authorized by law to render a professional service within this state or (3) a partnership without limited partners authorized by, or holding a license, certificate, registration or permit issued by the licensing authority pursuant to the education law to render a profes- sional service within this state; except that all partners of a profes- sional partnership that provides medical services in this state must be licensed pursuant to article 131 of the education law to practice medi- cine in this state and all partners of a professional partnership that provides dental services in this state must be licensed pursuant to article 133 of the education law to practice dentistry in this state; except that all partners of a professional partnership that provides veterinary services in this state must be licensed pursuant to article 135 of the education law to practice veterinary medicine in this state; and further except that all partners of a professional partnership that provides professional engineering, land surveying, architectural, and/or landscape architectural services in this state must be licensed pursuant to article 145, article 147 and/or article 148 of the education law to practice one or more of such professions. WITH RESPECT TO A PROFES- SIONAL PARTNERSHIP WHICH PROVIDES PUBLIC ACCOUNTANCY SERVICES AS SUCH SERVICES ARE DEFINED IN ARTICLE 149 OF THE EDUCATION LAW, EACH MEMBER OF SUCH PROFESSIONAL PARTNERSHIP WHOSE PRINCIPAL PLACE OF BUSINESS IS IN
THIS STATE AND WHO PROVIDES PUBLIC ACCOUNTANCY SERVICES, SHALL BE LICENSED PURSUANT TO ARTICLE 149 OF THE EDUCATION LAW TO PRACTICE PUBLIC ACCOUNTANCY. S 10. This act shall take effect immediately.

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