Practice of Law by Business Entities

(a) Lawyers may practice law as sole proprietorships, partnerships, limited liability partnerships, professional corporations or limited liability companies. No other form of business organization is authorized for the practice of law. Lawyers may not share fees with nonlawyers. (b) Lawyers may form professional corporations for the practice of law as authorized by Wyo.Stat.Ann. § 17-3-101 and § 17-3-102, provided that such corporations are organized and operated in accordance with the provisions of this rule. The articles of incorporation of such corporation shall contain provisions complying with the following requirements: (1) The name of the corporation shall contain the words “professional corporation” or shall state those words or an abbreviation thereof after or under the name of the corporation, or an abbreviation thereof such as the following: “Doe, Doe & Doe (with such designation as a firm desires to show that it is engaged in the practice of law), a Professional Corporation.” In addition, the name of the corporation shall always meet the ethical stan- dards established for the names of law firms according to the Rules of Professional Conduct for Attorneys at Law; (2) The corporation shall be organized solely for the purpose of conducting the practice of law only through persons qualified to practice law in the State of Wyoming; (3) The corporation may exercise the powers and privileges conferred upon corporations by the laws of Wyoming only in furtherance of and subject to its corporate purpose; (4) All shareholders, officers and directors of the corporation conducting the practice of law in Wyoming shall be a lawyer authorized to practice law in Wyoming or another United States jurisdiction, and who at all times own their shares in their own right; (5) Provisions shall be made requiring every shareholder, officer and director who ceases to be eligible to be a shareholder to dispose of all the shares forthwith either to the corporation or to any person having the qualifications described in subdivision (4); (6) No corporation may offer professional services or practice a profession except by and through the person or persons of its licensed stockholder or stockholders, or licensed employees, all of whom shall retain their profes- sional licenses in good standing and shall be subject to all rules, regulations, standards and requirements pertaining to their professional activities. All stockholders or employees of a professional corporation organized hereunder shall remain fully liable and responsible for their own professional activities. In all other respects, the rules of liability applicable to general corporations shall apply to professional corporations organized hereunder. (c) Lawyers may form limited liability companies for the practice of law as authorized by Wyoming Limited Liability Company Act (Wyo.Stat.Ann. § 17-29-101 et seq.), provided that such limited liability companies are organized and operated in accordance with the provisions of this rule. The articles of organization of such company shall contain provisions complying with the following requirements: (1) The name of the company shall contain the words “limited liability company” or shall state those words or an abbreviation thereof after or under the name of the company, of an abbreviation thereof such as the following: “Doe, Doe & Doe (with such designation as a firm desires to show that it is engaged in the practice of law), a Limited Liability Company.” In addition, the name of the limited liability company shall always meet the ethical standards established for the names of law firms according to the Rules of