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Practicing Engineering in NY

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I have heard that in order for a company to practice engineering in the State of NY, that all owners of the company must be registered professional engineers.  I believe that there is even something in the law that says that all "shareholders" must be registered professional engineers.  This seems to be a bit restrictive.  Can anyone confirm that this is the case.  I would also be curious to know if any other states have this requirement.
Thanks in advance,
Kenneth S. Peoples, P. E.
Lehigh Valley Technical Associates
1584 Weaversville Road
Northampton, PA 18067-9039
Phone: (610) 262-6345
Fax: (610) 262-8188
e-mail: kpeoples(--nospam--at)