(a)      To qualify for a permit, a partnership shall meet the requirements of this section.

      (b)      The partnership shall:

            (1)      have a permanent office in the State from which an individual is to practice certified public accountancy; or

            (2)      submit proof, satisfactory to the Board, of the intent of the partnership to establish immediately a permanent office.

      (c)      Each permanent office required under subsection (b) of this section shall be managed by a partner of the partnership who resides in the State.

      (d)      (1)      An individual who is not licensed to practice certified public accountancy in this State or another state may have an ownership interest in the partnership if:

                  (i)      a simple majority of the ownership of the partnership, in terms of financial interests and voting rights, is held by individuals licensed to practice certified public accountancy in this or another state; and

                  (ii)      the individual is an active participant in the partnership.

            (2)      At least 1 general partner and any other partner who practices or intends to practice certified public accountancy in the State shall be licensed by the Board to practice certified public accountancy in the State.