news-hero

News

Nebraska Passes Law Allowing CPA Firms to be ESOPs

Sep 30, 2019 | Timothy L. Stewart

One of the questions I receive on a regular basis is, "what sorts of companies can be ESOP-owned?"  That is a very nuanced question, but in terms of industry, the answer is almost any kind.  However, on a state by state basis, some professional service firms may only be owned by an owner (or owners) who are also licensed to be a professional in that state.  The most common examples are lawyers and doctors (which generally means that neither law firms nor physician practices may be ESOP-owned, in most states).  However, CPA firms are often a different story.  That is, in many states, CPA firms can be partially owned by an ESOP trust.  

This year, the state of Nebraska joined the states that do allow at least a portion of a CPA firm to be owned by an ESOP trust.  More details on the new law are discussed in this NCEO blog entry. 

About The Author

Image of Timothy L. Stewart

Tim is President & Managing Partner of DeWitt. He is also a partner in the Greater Milwaukee office specializing in Employee Stock Ownership Plans (ESOPs) and Employee Benefits. He can be reached at 262-754-2869.

View Author Info

Disclaimer

One of the best features about our website articles and blog entries is that they are timely—you get up-to-date information on the law as it exists at the time. The downside is that the law changes, but our older entries don't. That means we can't guarantee you are getting the most current law when reading through past entries. Please don't take these articles and blog entries and rely on them as legal advice. Give us a call instead, for specific and pointed advice for your particular situation. Note that contacting us does not create an attorney-client relationship, unless you are accepted as a client of the firm.