Michigan – Professional corporations may practice public accounting under certain guidelines as of October 15

October 22, 2013

House Bill 4654 (Public Act No. 132) signed by the governor and effective October 15 amends the Business Corporation Act to permit a professional corporation to practice public accounting if more than 50% of the PC’s equity and voter rights were held directly or beneficially by individuals licensed or otherwise authorized to practice public accounting under Article 7 of the Occupational Code.  The bill text can be accessed here.