Most public accounting firms are organized and operated as ________.

Question

Quizplus · Accepted Answer

Most public accounting firms are organized and operated as limited liability partnerships (LLPs) in order to limit the personal liability of the partners while maintaining the tax benefits of a partnership. This structure allows each partner to be protected from the negligence or misconduct of the other partners while also being able to contribute to the management and decision-making of the firm.

Most Public Accounting Firms Are Organized and Operated as ________