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Accounting Partnership Agreement
"I need an Accounting Partnership Agreement for a new CPA firm in California with three equal partners, incorporating specific provisions for remote work arrangements and digital service delivery starting March 2025."
1. Parties: Identification of all partners entering into the agreement, including their professional credentials and contact details
2. Background: Context of the partnership formation, including any pre-existing relationships or practices being merged
3. Definitions: Key terms used throughout the agreement, including professional accounting terminology
4. Partnership Formation: Details of partnership establishment, including name, purpose, and principal place of business
5. Capital Contributions: Initial and ongoing capital requirements from each partner
6. Profit and Loss Allocation: Formula and timing for distributing profits and losses among partners
7. Management and Voting: Partnership governance structure, voting rights, and decision-making processes
8. Professional Standards: Commitment to maintain professional standards, licenses, and certifications
9. Client Relations: Policies regarding client acceptance, retention, and relationship management
10. Partner Duties and Responsibilities: Specific roles, responsibilities, and performance expectations for partners
11. Books and Records: Requirements for maintaining partnership and client records, access rights
12. Partner Entry and Exit: Procedures for admitting new partners and handling partner departures
13. Non-Competition and Confidentiality: Restrictions on competitive activities and protection of confidential information
14. Dissolution and Liquidation: Processes for partnership dissolution and asset distribution
15. Dispute Resolution: Procedures for resolving conflicts between partners
16. General Provisions: Standard legal provisions including governing law, amendments, and notices
1. International Practice: Required when the partnership operates across international borders, addressing cross-border regulations and requirements
2. Specialty Practice Areas: Needed when the partnership focuses on specific accounting specialties requiring additional regulations or procedures
3. Professional Insurance: Detailed insurance requirements beyond standard coverage, used for high-risk practice areas
4. Succession Planning: Detailed procedures for managing partner retirement and practice transition, important for established firms
5. Technology and Data Protection: Specific provisions for managing digital assets and cybersecurity, crucial for modern practices
6. Remote Work Policies: Guidelines for remote work arrangements, necessary for firms with flexible working arrangements
7. Marketing and Business Development: Specific provisions for marketing responsibilities and business development expectations
1. Schedule A - Initial Capital Contributions: Detailed listing of each partner's initial capital contributions, including cash, assets, and client relationships
2. Schedule B - Partner Information: Detailed information about each partner, including qualifications, specializations, and contact information
3. Schedule C - Profit Sharing Formula: Detailed calculations and metrics for determining profit allocation
4. Schedule D - Partnership Insurance Policies: List of required insurance policies and coverage levels
5. Schedule E - Office Locations: List of office locations and respective managing partners
6. Appendix 1 - Partner Vote Weights: Specification of voting rights and weighted voting arrangements
7. Appendix 2 - Approved Expense Policies: Detailed policies regarding reimbursable expenses and approval processes
8. Appendix 3 - Client Allocation Procedures: Procedures for assigning and transferring client relationships
9. Appendix 4 - Quality Control Procedures: Detailed quality control and review procedures for client work
Authors
Accounting Services
Applicable Law
AICPA
Audit Services
Business Day
Capital Account
Capital Contribution
Cause
Client
Client Files
Confidential Information
Drawing Account
Effective Date
Encumbrance
Equity Percentage
Fiscal Year
Founding Partners
Goodwill
Gross Revenue
Initial Capital Contribution
Intellectual Property
Managing Partner
Net Profits
Net Losses
Partnership
Partnership Interest
Partnership Property
Partner
Professional Standards
Quality Control Procedures
Qualified Public Accountant
Regulatory Body
Required Capital
Restricted Client
Retirement
State Board of Accountancy
State CPA Society
Super Majority Vote
Tax Services
Term
Territory
Transfer
Unrestricted Client
Voting Interest
Withdrawal
Work in Progress
Working Capital
Capital Contributions
Profit and Loss Allocation
Management and Control
Voting Rights
Professional Standards
Licensing Requirements
Client Relations
Confidentiality
Non-Competition
Non-Solicitation
Partner Duties
Partner Admission
Partner Withdrawal
Partner Retirement
Partner Expulsion
Death and Disability
Financial Management
Capital Accounts
Drawing Rights
Professional Insurance
Quality Control
Record Keeping
Client Files
Intellectual Property
Partnership Property
Office Location
Decision Making
Dispute Resolution
Mediation
Arbitration
Dissolution
Liquidation
Governing Law
Force Majeure
Notices
Amendment
Assignment
Severability
Entire Agreement
Indemnification
Professional Services
Accounting
Financial Services
Tax Advisory
Audit Services
Management Consulting
Business Advisory
Corporate Finance
Forensic Accounting
Public Sector Accounting
Legal
Finance
Compliance
Professional Standards
Operations
Partner Affairs
Business Development
Risk Management
Quality Assurance
Administrative Support
Managing Partner
Senior Partner
Tax Partner
Audit Partner
Associate Partner
Chief Financial Officer
Practice Manager
Managing Director
Compliance Officer
Professional Standards Director
Partner in Charge
Department Head
Regional Partner
Junior Partner
Founding Partner
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