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Committee keeps retired-license limits on ownership and requires Oregon supervisor for retired staff
Summary
The committee retained language barring retired licensees from holding ownership in CPA/PA firms, discussed ESOP/minority-owner edge cases, and agreed to require an Oregon active licensee be named as the supervisor of any retired licensee working in a firm.
Committee members debated whether retired licensees should be allowed even minority ownership in firms. Counsel and several members recommended retaining the long-standing restriction that owners in a CPA/PA firm be active licensees; they warned that allowing retired minority ownership could create multi-jurisdictional regulation and administrative complexity.
Beth Spencer and other members said most states require active status for owners and that relaxing the rule could create "nonconformity" for multi-state firms. Committee concluded to retain the current ownership restriction for now and to add parallel explicit language in the inactive section. To improve oversight for retired individuals working in firms, members agreed staff should require retired-license applicants who will work at a firm to provide the name, contact information and license number of the Oregon active licensee who will supervise them, making the supervisor accountable to the Oregon board.
The committee also asked staff to clarify definitions (for example, distinguishing supervisor criteria for licensure versus retired supervision) and to return revised language at the next meeting.
