Firms offering professional services (for example, accounting firms) are prohibited from becoming limited liability partnerships.

Question

Quizplus · Accepted Answer

Accounting firms and other professional service firms are allowed to become limited liability partnerships in many jurisdictions, including in the United States and the United Kingdom. However, there may be certain requirements or restrictions on their ability to do so, such as maintaining certain levels of professional liability insurance or having all partners being licensed professionals in their field.

Firms Offering Professional Services (For Example, Accounting Firms) Are Prohibited