13.1-549.1 - Special provision for corporation engaged in practice of accounting. - Virginia Statutes

§ 13.1-549.1. Special provision for corporation engaged in practice ofaccounting.

Before any professional corporation may engage in the practice of accountingin this Commonwealth it shall first obtain and maintain any registrationrequired for such corporation by Chapter 44 (§ 54.1-4400 et seq.) of Title54.1. A corporation rendering the services of accounting shall issue not lessthan fifty-one percent of its shares to individuals or professional businessentities duly licensed or otherwise legally authorized to render the servicesof accounting, including trustees of an eligible employee stock ownershipplan, and the remainder of said shares may be issued only to and held byindividuals who are employees of the corporation, whether or not suchemployees are licensed or otherwise authorized to render professionalservices.

(1972, c. 180; 2000, c. 191; 2006, cc. 672, 715; 2008, c. 265.)