here’s what you’re looking for: marc rosenberg

it depends.

by marc rosenberg

of all the issues involved in cpa firm governance, mandatory retirement is one of the most hotly contested and debatable provisions in a partner agreement.

more: partner duties, prohibitions and grounds for expulsion | quick tip: partners investing in clients | why you might want an executive committee | buyout when a partner dies | why and how new partners buy in | a crash course in partner retirement/buyout plans
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first, let’s clarify what we mean by “mandatory retirement.”
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what does “all of their time and attention” mean?

by marc rosenberg

i’ve read hundreds of partner agreements over 20 years and i am unable to meaningfully distinguish between the following:

• partner duties (what partners must do to keep their jobs)
• partner prohibitions (what partners cannot do)
• grounds for expulsion (what actions partners may do that are serious enough to cause their dismissal from the firm)

more: quick tip: partners investing in clients | deciding how to allocate partner income | making partner: today’s 15 essential skills and traits | how to specify managing partner duties | when votes must be taken, what are the options?
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i’ve seen countless different ways that these items are presented in partner agreements. for years i’ve asked these questions:
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bonus: sample agreement language.

by marc rosenberg

during my career, i’ve seen partners come to blows over this.

more: deciding how to allocate partner income | principals who aren’t cpas | why non-compete and non-solicitation covenants matter | handling pay during the disability of a partner | why voting isn’t such a big deal | what’s in a (firm) name? | protect your business with a solid partner agreement
exclusively for pro members. log in here or 2022世界杯足球排名 today.

one partner has a non-attest client who offers an opportunity to invest in the client’s business. a very common example is a client who is a real estate syndicator. this can often be quite lucrative for the partner.
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8 points worth noting.

by marc rosenberg

for 20 years or more, the cpa profession has been expanding services beyond traditional audit, accounting and tax, supplementing its portfolio with a wide variety of consulting services. indeed, in recognition of this, most cpa firms’ logo states something to the effect of “cpas and consultants.”

more: non-equity partners: why have them? | making partner: today’s 15 essential skills and traits | how to specify managing partner duties | when votes must be taken, what are the options? | ownership percentage and capital accounts
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some firms have cpas on board who provide consulting services. other firms hire outside, non-cpa consultants in areas such as technology, wealth management, m&a and health care.
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