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helpmeplease1 helpmeplease1
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List and describe the six organizational structures available to CPA firms.
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Auditing and Assurance Services

Auditing and Assurance Services


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oldgreyvlegsoldgreyvlegs
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CPA firms can take one of six organizational forms:
•Proprietorship. This form is limited to firms with only one owner.
•General partnership. This form is similar to a proprietorship, except that it applies to multiple owners.
•General corporation. Shareholders in a general corporation are liable only to the extent of their investment in the corporation. Many states prohibit CPA firms from organizing as a general corporation.
•Professional corporation. A professional corporation provides professional services and is owned by one or more shareholders. Personal liability protection for shareholders in professional corporations varies widely from state to state.
•Limited liability company. This form combines the most favorable attributes of a general corporation and a general partnership. LLCs are typically structured and taxed like a general partnership, but its owners have limited personal liability similar to that of a general corporation.
•Limited liability partnership. An LLP is owned by one or more partners. It is structured and taxed like a general partnership. However, the personal liability protection of an LLP is less than that of a general corporation or an LLC, but it is greater than a general partnership. Many accounting firms now operate as LLPs.

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