Why has the advent of the limited liability partnership changed the form of organization under which many large accounting firms operate?
What will be an ideal response?
Prior to the advent of the limited liability partnership form of doing business, accounting firms operated as general partnerships. As such, the general partners were personally liable for the debts and obligations of the general partnership. Lawsuits were sometimes brought against accounting firms for damages caused by an individual partner's accounting malpractice. If liability were found, then all partners were held personally liable.
The advent of the limited liability partnership form of organization changed this result. While operating as an LLP, if one partner commits accounting malpractice or other tortious conduct, that partner is personally liable for his or her conduct, but the other partners are not. The other partners may lose their capital contribution to the LLP, but their personal assets are shielded. As a result, a significant number of accounting firms, including all of the "Big Four" accounting firms, now operate as LLPs.
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A. price bundling B. bait pricing C. odd-even pricing D. loss-leader pricing
A product consists of six parts. The reliabilities of these parts are 0.94, 0.9, 0.56, 0.99, 0.77, and 0.96. Calculate and indicate product reliability.
A. 34.7% B. 23.2% C. 14.1% D. 90.3%
What is a major difference between a United States lawsuit versus a French lawsuit?
a. In a French civil lawsuit, there is usually no right to a jury trial. b. The French legal system does not engage in extensive discovery procedures commonly used in the United States. c. In a French lawsuit, the rules of evidence are more flexible. d. All of the above are correct.
Which of the following should be included in the cost of land?
A) cost to build sidewalks on the land B) cost to clear the land of old buildings C) cost of installing signage D) cost of installing fences