(a) Ownership. A person who is not a certified public accountant in this or some other state or jurisdiction but who actively participates within this state in the business conducted in Arkansas by a business entity licensed in Arkansas to practice public accounting may be an owner, director, officer, limited liability company member, or manager in any such business entity, under the following conditions:

1. (1) Such person shall not hold himself or herself out as a certified public accountant;
2. (2) The name of such person shall be provided to the Arkansas State Board of Public Accountancy by a business entity in connection with the granting or renewal of a license in Arkansas to such business entity; and
3. (3) Such person shall not have ultimate responsibility for the performance of audits, reviews, or compilations of financial statements or other forms of attestation related to financial information.

(b) Equity ownership. Persons who are not certified public accountants in this or any other state or jurisdiction but who are owners of a business entity licensed in Arkansas to practice public accounting shall neither:

1. (1) Hold, in the aggregate, more than a minority interest of such business entity's equity capital or voting rights; nor
2. (2) Receive, in the aggregate, more than a minority interest of such business entity's profits or losses.

(d) Other requirements.

1. (1) The principal executive officer of a business entity licensed in Arkansas to practice public accounting shall be a shareholder and a director who is a licensed certified public accountant.
2. (2) Directors and officers who are not licensees shall not exercise any authority whatsoever over professional matters relating to the practice of public accountancy.
3. (3) Any shareholder who ceases to be eligible to be a shareholder shall be required to dispose of all of his or her shares within a reasonable period to a person qualified to be a shareholder or to the corporation.