Maryland § 2-402
Full text of Maryland Maryland Code § 2-402, with citation guidance and answers to common questions.
§ 2-402.
(a) To qualify for a permit, a partnership shall meet the requirements of this section.
(b) The partnership shall:
(1) have at least a simple majority of the partners, officers, shareholders, members, or managers, in terms of financial interest and voting rights, be licensed in a state;
(2) (i) have a permanent office in the State from which an individual is licensed to practice certified public accountancy; or
(ii) have at least a simple majority of the partners, officers, shareholders, members, or managers retain a principal place of business in this State;
(3) hold a valid license issued under § 2–301 of this title; and
(4) comply with regulations promulgated by the Board.
(c) An individual who is not licensed to practice certified public accountancy in this State or another state may have an ownership interest in the partnership if:
(1) a simple majority of the ownership of the partnership, in terms of financial interests and voting rights, is held by individuals licensed to practice certified public accountancy in this or another state;
(2) the individual is an active participant in the partnership or its affiliated entities;
(3) the partnership designates, to the Board, a licensee of this State, or a qualified licensee of another state who is responsible for the registration of the partnership; and
(4) the partnership complies with regulations adopted by the Board.
(d) At least 1 general partner and any other partner who practices or intends to practice certified public accountancy in the State shall be licensed by the Board to practice certified public accountancy in the State or qualify for a practice privilege under § 2–321 of this title.
Frequently Asked Questions About Maryland § 2-402
What does Maryland Code § 2-402 cover?
Section 2-402 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 2-402?
A common citation format is "Maryland Code § 2-402" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 2-402 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.