Colorado State Board of Accountancy

• Professional Corporations
• Limited Liability Partnerships
• Limited Partnerships
• Limited Liability Limited Partnerships

• At least one partner, shareholder, or member who shall also be a director or manager thereof must be a certified public accountant or registered firm of this state in good standing.
• A simple majority of the ownership of a certified public accounting firm doing business as a public accounting firm in Colorado, in terms of financial interests and voting rights of all partners, officers, shareholders, members, or managers, shall be licensed certified public accountants in good standing in this state or another state.
• Each resident manager in charge of an office of the partnership, professional corporation, or limited liability company in this state must be a certified public accountant of this state in good standing.
• The president of any such corporation shall be a shareholder and a director, and one or more of the directors shall be certified public accountants of this state in good standing.
• The manager(s) of any such limited liability company shall be a member(s)  and one or more of the managers shall be certified public accountants of this state in good standing.
• Lay directors and officers and managers shall not exercise any authority whatsoever over professional matters.

Professional Liability Insurance in amounts not less than $50,000 per CPA employed by or member of the CPA firm or $150,000 aggregate per CPA employed by or member of the CPA firm for damages resulting from any claim made against the firm arising out of acts, errors, and omissions committed in the performance of professional services for others.