Nevada § 628.325 - Corporation or company for practice of public accounting: Organization; liability; ownership

§ 628.325. Corporation or company for practice of public accounting: Organization; liability; ownership

1. One or more natural persons may organize a corporation for the practice of public

accounting under the Professional Entities and Associations Act, chapter 89 of NRS. The corporation is not required to have more directors than shareholders, but at

least one director must be a shareholder. The other directors need not, but may, be shareholders. 2. One or more natural persons may: (a) Organize a corporation pursuant to chapter 78 of NRS; (b) Qualify to do business as a foreign corporation pursuant to chapter 80 of NRS; (c) Organize a limited-liability company pursuant to chapter 86 of NRS; or (d) Register as a foreign limited-liability company pursuant to chapter 86 of NRS, to practice public accounting. 3. The organization, qualification or registration of a corporation or company pursuant

to subsection 2: (a) Does not modify: (1) The relationship between an accountant and a client; (2) The liability arising out of that relationship; or (3) The compliance of the corporation or company with this chapter or any regulations

adopted pursuant thereto. (b) Does not render: (1) A person liable in tort for any act in which he or she has not personally participated. (2) The manager, a member or an employee of a limited-liability company liable in

contract for any contract which the person executes on behalf of a limited-liability

company within the limits of his or her authority. 4. Notwithstanding any specific statute to the contrary, a simple majority of the

ownership of a corporation, partnership or limited-liability company organized for

the practice of public accounting in this State, in terms of the financial interests

and voting rights of all shareholders, partners, officers, members and principals

thereof, must belong to persons who are certified public accountants in any state. Each shareholder, partner, officer, member or principal whose principal place of

business is in this State and who performs professional services in this State must

be a certified public accountant in this State in good standing. 5. A corporation, partnership or limited-liability company organized for the practice

of public accounting in this State may have as a shareholder, partner, officer, member

or principal any natural person who is not a certified public accountant in any state

if: (a) The natural person is actively engaged in the business of the corporation, partnership

or limited-liability company, or any affiliate thereof; and (b) The corporation, partnership or limited-liability company complies with any other

requirements that the Board by regulation may impose.