In case you missed it earlier last month, the Indiana state legislature has passed a law which allows non- CPAs to own 49 percent of a firm, minimizes barriers to CPAs practicing in more than one state, and relaxes requirements to become a CPA.
Indiana is just the latest in a number of states to have radically changed the way a CPA firm ownership is structured.
By allowing non-CPA ownership, firms can better compete by attracting workers through stock options, and other equity models. Similarly, the ruling paves the way for additional blurring of the lines between multidisciplinary practices - whereby law firms and accounting firms can mix ownership and service issues as a one-stop professional service firm.
Find out more about the Uniform Accountancy Act and how it may affect your state's regulations.