Bill > HB1156

This bill modifies North Dakota law regarding ownership of accounting firms by expanding opportunities for minority ownership and creating a new provision for firms owned by qualified retirement plans. Specifically, the bill allows professional organizations to have minority owners, including those in accounting firms, and permits accounting firms to have a minority ownership stake held by individuals or qualified retirement plans like employee stock ownership plans (ESOPs). For a firm to be granted a practice permit, the majority ownership (at least 51%) must still belong to licensed certified public accountants or licensed public accountants. The bill also introduces a new section allowing a firm to be wholly owned by a qualified retirement plan, provided that 51% or more of the plan's beneficial ownership belongs to licensed accountants, all principal professional service providers are state-licensed, and a majority of the firm's board of directors are licensed accountants. This change aims to provide more flexibility in firm ownership structures while maintaining professional standards and licensing requirements for accounting firms in North Dakota.

Business and Industry, Labor and Employment

https://ndlegis.gov/assembly/69-2025/regular/bill-overview/bo1156.html