{"id":107764,"date":"2023-01-26t11:55:04","date_gmt":"2023-01-26t16:55:04","guid":{"rendered":"\/\/www.g005e.com\/?p=107764"},"modified":"2024-08-07t23:09:53","modified_gmt":"2024-08-08t03:09:53","slug":"sixteen-duties-of-a-partner","status":"publish","type":"post","link":"\/\/www.g005e.com\/2023\/01\/26\/sixteen-duties-of-a-partner\/","title":{"rendered":"sixteen duties of a partner"},"content":{"rendered":"

\"green<\/a>plus seven things that partners are entitled to … and 12 that they\u2019re not.<\/strong><\/p>\n

by marc rosenberg<\/i>
\nhow to bring in new partners<\/i><\/a><\/p>\n

there are a number of realities that go along with being a partner in an accounting firm.<\/p>\n

you\u2019re an owner.<\/strong> as such, you get paid based on the firm\u2019s earnings, not as an employee.<\/p>\n

more: <\/b><\/strong>seventeen basic expectations of partners<\/a> | the four essentials for every new partner<\/a> | five people to keep out of partnership<\/a> | nine ways to woo a prospective partner<\/a> | tell potential partners what it takes<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

you pay for your ownership.<\/strong> new owners in any business must pay money to acquire their ownership. at cpa firms, this is called a new partner buy-in. because cpa firms have a substantial street value, it\u2019s reasonable that new partners should be required to purchase their interest in the firm.
\n
\nas a partner, you get a vote. <\/strong>big deal! most firms don\u2019t take formal votes. instead, they discuss an issue, determine a consensus and act on the decision. if partners really want their \u201cvotes\u201d to count, it\u2019s up to each of them to articulate their position on issues at hand and try to influence other partners to see things their way. so a vote is really more of a right to attend partner meetings and influence decisions.<\/p>\n

who owns clients and staff?<\/strong> hint: it\u2019s not individual partners. it\u2019s the firm<\/strong>. <\/em>this means that a partner who decides to leave the firm and join another cannot take clients and staff. of course, there is no law that says clients and staff cannot join the departed partner. but there is<\/strong> an enforceable partner agreement (80-90 percent of all firms have such an agreement) that prevents departed partners from taking clients and staff and requires them to pay liquidated damages to the firm.<\/p>\n

partner buyout obligation.<\/strong> by accepting a firm\u2019s offer to become an equity partner, a new partner becomes obligated to join with other partners, both present and future, to buy out the interest of departed partners. the flip side of this is that new partners will get a buyout when they<\/strong> retire.<\/p>\n

what partners are and are not entitled to<\/h3>\n

partners are entitled to<\/strong><\/p>\n

    \n
  1. attend partner meetings and retreats<\/li>\n
  2. have their capital returned upon leaving the firm<\/li>\n
  3. make decisions on client engagements<\/li>\n
  4. receive regular communications from management regarding what is going on in the firm<\/li>\n
  5. vote on matters specified in the firm\u2019s partner agreement<\/li>\n
  6. be paid based on performance<\/li>\n
  7. have their interest in the firm bought out as stipulated in the partner agreement<\/li>\n<\/ol>\n

    partners are not entitled to<\/strong><\/p>\n

      \n
    1. pull rank<\/li>\n
    2. be given a lifetime waiver on performance feedback<\/li>\n
    3. do whatever they want to do, whenever<\/strong> they want to<\/li>\n
    4. participate in managing the firm; that\u2019s management\u2019s job<\/li>\n
    5. get paid a lot of money without earning<\/strong> it
      \n<\/em><\/li>\n
    6. do lower-level staff or admin work and be paid partner-level compensation for it<\/li>\n
    7. do what\u2019s best for themselves to the detriment of the firm<\/li>\n
    8. be lone rangers (act alone; nobody knows where they are)<\/li>\n
    9. abuse staff or behave disrespectfully toward them<\/li>\n
    10. take clients if they leave the firm to practice elsewhere<\/li>\n
    11. retain clients if they fail to service them properly<\/li>\n
    12. be unaccountable for their performance and behavior<\/li>\n<\/ol>\n

      partner (equity or non-equity) job description<\/h3>\n

      general <\/strong><\/p>\n