Maryland § 2-402.1
Full text of Maryland Maryland Code § 2-402.1, with citation guidance and answers to common questions.
§ 2-402.1.
(a) To qualify for a permit, a limited liability company shall meet the requirements of this section.
(b) The limited liability company shall:
(1) have at least a simple majority of the 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 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 adopted 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 limited liability company if:
(1) a simple majority of the ownership of the limited liability company, in terms of financial interests and voting rights, is held by individuals licensed to practice certified public accountancy in this or another state; and
(2) the individual is an active participant in the limited liability company or affiliated entities.
Frequently Asked Questions About Maryland § 2-402.1
What does Maryland Code § 2-402.1 cover?
Section 2-402.1 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 § 2-402.1?
A common citation format is "Maryland Code § 2-402.1" (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 § 2-402.1 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.