(a) A nonresident public accountant and an Arkansas certified public accountant may form a partnership or corporation for the practice of public accountancy, which shall be registered with the Arkansas State Board of Public Accountancy, provided that:

1. (1) The nonresident public accountant holds a valid and unrevoked license in a jurisdiction having a regulatory law regarding public accountants;
2. (2) The nonresident public accountant shall not actively practice public accounting in Arkansas as an individual or as a partner or shareholder of the firm; and
3. (3) The nonresident public accountant shall not hold himself or herself out as a public accountant in Arkansas.