Partner & Employee Matters

Regardless of their legal form, most accounting firms act like partnerships.  The owners are more than just employees and coworkers. They are financially and operationally interdependent, with unique responsibilities and accountability.  Gears perfectly meshed.  However, many partnership agreements are woefully out of date – some 30+ years old – and fail to adequately address the four basic pillars of all partnership agreements. Partner Admission. Partner Withdrawal. Firm Governance. Partner  Compensation.

In some cases, partners need to be removed from the partnership; or the partnership agreement terms need to be enforced against partners – most notably the prohibition against serving firm clients.