Section 1420.30  Application for Licensure − Firm

a)         For purposes of this Section

1)         Firm shall include:

A)        A partnership, corporation, limited liability company or any other form of business 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 practice of public accounting in this State;

B)        A public accounting unit consisting of an individual licensee operating under a business name other than the licensee's own 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, shareholder in a corporation, member of a limited liability company and any other person (natural or otherwise) who or which is the owner of an interest in a firm.

b)         A firm seeking licensure shall submit an application to the Division with the required fee set forth in Section 1420.40, along with one affidavit stating:

1)         The name, address and license number of each member personally engaged in Illinois in the practice of public accounting;

2)         The name, address and license number of each person in charge of an office of the firm in Illinois.

c)         A majority of the ownership of the firm, in terms of financial interest and voting rights of all partners, officers, shareholders, members or managers, belongs to persons licensed in some state, and that the partners, officers, shareholders, members or managers whose principle place of business is in this State and who practice public accounting in this State shall hold a valid license issued by this State.

d)        Every firm licensed under the Act shall notify the Division of any change in members at the time of renewal.

(Source:  Amended at 29 Ill. Reg. 9853, effective August 1, 2005)