Section Accy 1.408 - Ownership requirements(1) In this section "ownership interest" means any equity or voting interest in a firm.(2) An applicant for a license as a certified public accounting firm shall demonstrate that more than 50% of the ownership interest of the firm is held by individuals who hold certificates or licenses to practice as a certified public accountant issued under the laws of any state or foreign country.(3) A firm applying for licensure meets the ownership requirement under sub. (2) in the following circumstances:(a) If the applicant is a sole proprietorship and the owner holds a certificate and license to practice as a certified public accountant issued under the laws of this state.(b) If the applicant is organized as a service corporation and more than 50% of the voting rights are held by individuals who are certified public accountants.(c) If the applicant is organized as a business corporation and more than 50% of the voting rights are held by individuals who are certified public accountants.(d) If the applicant is organized as a partnership or limited liability partnership and more than 50% of the voting rights are held by individuals who are certified public accountants.(e) If the applicant is organized as a limited liability company and more than 50% of the voting rights are held by individuals who are certified public accountants.(4) An applicant firm with ownership characteristics other than those identified in sub. (3) may submit information about the ownership interests of all members of the firm to the board. The board may determine that more than 50% of the ownership interest of the firm is held by individuals who hold certificates or licenses to practice as a certified public accountant. In making this determination the board shall consider whether ownership interest of all members of the firm results in control and management of the firm by individuals who hold certificates or licenses to practice as a certified public accountant.Wis. Admin. Code Accounting Examining Board § Accy 1.408
CR 02-052: cr. Register December 2002 No. 564, eff. 1-1-03.