Who does not need a firm license in NC?
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The Firms division of the Licensing section of the Board is responsible for processing initial and renewal CPA firm registration, monitoring the peer review compliance program, and overseeing the CPE compliance program for individual CPAs. Contacting the Licensing StaffBuck Winslow, Manager, (919) 733-1421 Cammie Emery, Specialist, (919) 733-1423 (initial and renewal CPA firm registrations, CPE, and peer review) Mailing Address Fax Number CPA Firm RegistrationPursuant to 21 NCAC 08J .0108, a CPA firm, unless it is a professional corporation (PC), professional limited liability company (PLLC), or registered limited liability partnership (LLP), must register with the Board within 30 days after opening an office in this State. CPA firms that are professional corporations, professional limited liability companies, or registered limited liability partnerships must register with the Board prior to the formation of the CPA firm. In addition to the initial CPA firm registration, all North Carolina CPA firms are required to renew with the Board each year. Late renewals will be subject to a $10.00 penalty pursuant to NCGS 55-B-11. All information provided for registration must pertain to the events and actions taken during the year preceding the year of registration. The last day of the preceding calendar year is considered the “year-end.” One representative of a CPA firm may file all registration documents for each of the CPA firm’s offices in North Carolina, but responsibility for compliance with the Board’s rules remains with the individual office supervisors or managers. One annual listing by a representative of a partnership, registered limited liability partnership, or professional limited liability company will satisfy the requirements of all partners or members of the CPA firm. If a CPA firm has dissolved or if any of the information provided to the Board during registration changes, the Board must be notified in writing within 30 days after the dissolution or change occurs. If a CPA firm fails to comply with any part of 21 NCAC 08J .0108 or 08J .0110, and continues to offer or render services, the Board may take disciplinary action against the CPA firm’s members. Such discipline may include:
If you have questions regarding CPA firm registration, please contact Cammie Emery. CPA Firm Practice Privilege/Notice of Intent to PracticeNCGS 93-10(c), Practice Privileges, states: A firm whose principal place of business is outside this State and has no office in this State is granted the privilege to perform or offer to perform services, whether in person or by mail, telephone, or electronic means, in this State as a firm without notice to the Board, submission of any other documentation, or payment of any fee, except as otherwise provided in subdivision (3) of this subsection. A firm that exercises the privilege afforded under this section simultaneously consents as a condition of the grant of the privilege to: (1) Comply with the laws of this State, the provisions of this Chapter, and rules adopted by the Board. (2) Be subject to personal jurisdiction, subject matter jurisdiction, and disciplinary authority of the Board. (3) Provide notice without a fee to the Board if any individual with the firm who has been granted privileges in North Carolina to practice as a certified public accountant performs any of the following services for a client in this State: a. A financial statement audit or other engagement performed in accordance with the Statements on Auditing Standards. b. An examination of prospective financial information performed in accordance with the Statements on Standards for Attestation Engagements. c. An engagement performed in accordance with the Public Company Accounting Oversight Board auditing standards. If you have questions regarding CPA firm practice privilege or the Notice of Intent to Practice, please contact Buck Winslow. Additional information about mobility is available here. Address ChangeWithout correct contact information on file for each Exam candidate, licensee, and CPA firm, the Board is unable to disseminate vital information to those individuals and entities. 21 NCAC 08J .0107 requires that any change in mailing address, physical address, practice address, phone number, employment, email address, website address, etc., be submitted in writing (online, email, fax, or mail) to the Board within 30 days of the change. Board staff is prohibited from accepting any address changes not made in writing. Address changes made with the NCACPA, AICPA, or other professional organizations do not affect the address information on file with the Board. The Board uses email to provide information to applicants, candidates, licensees, and CPA firms in a cost-effective, efficient manner. Therefore, the Board asks that applicants, candidates, licensees, and CPA firms provide the Board with a valid email address. The Board does not sell, rent, or share the mailing addresses, phone numbers, or email addresses provided by applicants, candidates, licensees, and CPA firms. CPA firms are encouraged to submit address changes online using the Board’s secure server. To change a firm’s address online, enter the firm number and the certificate number of the supervising CPA of record. Address changes submitted online are updated in real-time. To verify that the address change was accepted, check the firm’s record in the Licensee Search. To update a CPA FIRM’S address using the Board’s secure server, click here Peer ReviewPursuant to 21 NCAC 08M, a CPA or CPA firm providing any of the following services to the public must participate in an approved peer review program:
Within 30 days of the issuance to a client of any of the reports listed above, a CPA or CPA firm shall register with the AICPA Peer Review Program. A CPA or CPA firm not providing any of the services listed above is exempt from peer review until the issuance of the first report provided to a client. A CPA, a new CPA firm or a CPA firm exempt from peer review that starts providing any of the services listed above shall furnish to the peer review program selected financial statements, corresponding work papers, and any additional information or documentation required for the peer review program within 18 months of the issuance of the first report provided to a client. A CPA firm that does not have offices in North Carolina and that has provided any services as listed in G.S. 93-10(c)(3) to North Carolina clients is required to participate in a peer review program. To enroll in the AICPA Peer Review Program, please contact the NCACPA’s Peer Review Program Coordinator by telephone at (919) 469-1040, ext. 136. The Board does not grant extensions to complete the peer review; you must contact the administrator of the peer review program to request an extension. If you are participating in the AICPA Peer Review program and need to request an extension, please contact the NCACPA’s Peer Review Program Coordinator by telephone at (919) 469-1040, ext. 136. A CPA firm registered for peer review must provide to the Board the following:
A peer review is not complete until the Final Letter of Acceptance is issued by the peer review program with the new peer review date. If a CPA firm which is required to participate in a peer review program fails to comply with 21 NCAC 08M .0105(c), (d), or (g), the Board may take disciplinary action against the CPA firm’s members which may include a suspension of each members’ CPA certificate for a period of not less than 30 days and a civil penalty up to one thousand dollars ($1,000) as set forth in G.S. 93-12(b)(9). If you have questions regarding peer review, please contact Cammie Emery. FAQsFirm RegistrationQ. How do I know if I am required to register my practice with the Board? A. If you use “CPA” (or any words, letters, abbreviations, symbols, or other means of identification that indicate Certified Public Accountant) in or with the business name, the CPA must register the CPA firm with the Board. In addition, any CPA who provides, or offers to provide an audit, a review of a financial statement, a compilation of a financial statement, or any agreed-upon procedure, must register his or her CPA firm with the Board. Q. What does “use CPA in or with the business name” mean? A. The CPA firm name, “Fred G. Smith, CPA,” is an example of using “CPA” in the business name on stationery, business cards, or any form of advertising. Board rules prohibit the use of “CPA” (or any words, letters, abbreviations, symbols, or other means of identification that indicate Certified Public Accountant) with the business name in a manner that could lead the public to believe that the business is a CPA firm when, in fact, the firm is not a CPA firm registered with the Board. The following is an example of using “CPA” (or any words, letters, abbreviations, symbols, or other means of identification that indicate Certified Public Accountant) with the business name in a manner that would require firm registration: Fred G. Smith Tax & Consulting Fred G. Smith Fred G. Smith The following examples show how a CPA may use the CPA title with his or her personal name but not with the business name on stationery, business cards, etc., or any form of advertising: Fred G. Smith Consulting Smith Tax Preparation Q. Am I required to register my firm with the Board if I only will prepare tax returns and will not provide any attest or assurance services or use “CPA” in or with my business name? A. If you will prepare personal tax returns only and will not provide, or offer to provide, a financial statement compiled as part of business tax services, an audit, a review of a financial statement, a compilation of a financial statement, an examination of a financial statement, or any agreed-upon procedure or any other attest or assurance services and will not use “CPA” in or with your business name, it is not necessary to register your firm with the Board. Q. If I am an owner or an employee of a non-registered firm that provides personal tax preparation and business consulting services only, am I allowed to use “CPA” (or any words, letters, abbreviations, symbols, or other means of identification that indicate Certified Public Accountant) on the firm stationery, business cards, and any other form of advertising? Am I allowed to sign my name using “CPA”? A. If you are an owner or an employee of a non-registered firm that provides personal tax preparation and business consulting services only, you are permitted to use CPA with your personal name, but not with your business name on stationery, business cards, and most forms of advertising. You may not list yourself or your firm in any type of directory (yellow pages, online directory, etc.) under the heading “Certified Public Accountants.” You may not list any accounting organization membership or logo on stationery, business cards, or any form of advertising because doing so would imply that the firm is a CPA firm, which it is not. You may sign your personal name using “CPA” (or any words, letters, abbreviations, symbols, or other means of identification that indicate Certified Public Accountant). Board rules prohibit the use of “CPA” (or any words, letters, abbreviations, symbols, or other means of identification that indicate Certified Public Accountant) with the business name in a manner that could lead the public to believe that the business is a CPA firm when in fact, the firm is not a CPA firm registered with the Board. The following examples show how a CPA may use the CPA title with his or her personal name but not with the business name on stationery, business cards, etc., or any form of advertising: Fred G. Smith Consulting Smith
Tax Preparation Q. Through which forms of practice is my CPA firm permitted to provide services? A. A CPA firm may provide services through a sole proprietorship, a partnership, a professional corporation, a professional limited liability company, or a registered limited liability partnership, all of which must register with the Board. Q. Through which forms of practice, that are not required to register with the Board, may my firm provide services? A. If your firm is not required to register with the Board, you may practice as a sole proprietor or through a partnership. NCGS 93-8 prohibits the public practice of accounting (as defined in 21 NCAC 08A .0307) through any corporate form such as an LLC or general business corporation. Q. Are there any restrictions on the name that I may use for my CPA firm? A. A CPA may use his or her name or initials or the name or initials of any partner or shareholder in the firm name. A CPA firm may also use the name or initials of a retired or deceased partner or shareholder in the firm name as long as the name is not deceptive. Q. If I am not required to register my firm with the Board, are there any restrictions on the name that I may use for my firm? A. A firm that is not required to register with the Board may not use “Certified Public Accountant(s)” or “CPA(s)” (or any words, letters, abbreviations, symbols, or other means of identification that indicate Certified Public Accountant) in the firm name. The following is an example of using “CPA” in or with the firm name: Fred G. Smith Q. I am practicing in a firm that is not required to register with the Board. Do the Board’s rules on professional ethics and conduct apply to me? A. You are required to comply with all rules of professional ethics and conduct found in 21 NCAC 8N .0100, .0200, and .0300. Q. I want to incorporate or form a PLLC. Do I send you my articles after I file them with the NC Secretary of State? A. No. You must send the unfiled articles with a check for appropriate fees to the Board office. We will send that information, as well as a certification signifying that the shareholder(s) is/are properly licensed and eligible to be an owner in a professional entity, to the Secretary of State for you. Q. Can my corporation elect “S” corporation status instead of “C” corporation status? A. The tax status you select for your corporation is between your corporation and the Internal Revenue Service. The Board does not address the issue of your corporation’s tax status election. Q. When is my firm renewal due? A. Your firm’s registration renewal is due by December 31 each year. Q. I’ve been registered as a CPA firm but wish to cancel my registration. Can I just let it expire? A. No, failure to renew does not constitute terminating a firm registration. If you do not formally cancel your registration, the Board does not know whether the entity is continuing to practice public accounting without a permit. Peer ReviewQ. I am a CPA and I do bookkeeping work. Do I need to register for peer review? A. No. A firm that only does bookkeeping work or performs engagements to prepare statements under AR-C section 70 is not required to enroll in the peer review program. (revised 10/2017) Q. My firm has just had a PCAOB inspection. Does this mean that my firm does not need to undergo peer review? A. No, a PCAOB inspection does not take the place of a peer review. Misc.Q. Does the Board require my firm to carry liability insurance? A. No, the Board does not require a firm to carry liability insurance. Q. Does my firm need a privilege license from the NC Department of Revenue? A. A privilege license is issued on an annual basis as a personal privilege license; it will not be issued in the name of a firm or corporation. Information on the privilege license requirement is available from the NC Department of Revenue website and in this Opinion Letter. Which of the following does not need a firm license in North Carolina?Which of the following does NOT need a firm license in North Carolina? Rationale: A sole proprietorship does not need a firm license because it is not an entity.
Who needs a firm license in NC?Business Entities (Firms) and Sole Proprietorships. When do I need a firm license? Any type of business entity, other than a sole proprietorship, must have a firm license to engage in brokerage.
Does a sole proprietor need a firm license in NC?There isn't a requirement in North Carolina for sole proprietors to acquire a general business license, but depending on the nature of your business you may need other licenses and/or permits to operate in a compliant fashion. In North Carolina, there are close to 800 regulatory, state-issued and occupational licenses.
Which of the following is a required attachment to the North Carolina real estate firm license application?REQUIRED ATTACHMENTS:
A copy of the company's written operating agreement listing all managers and their power and authority. If no written operating agreement exists, the applicant must provide a written description of the rights and duties of the managers and the name of each manager.
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