ACC 411 Lecture 2: 2
Document Summary
26) 2011: big four at first you learned a lot, national, reginal plante moran. Moss adams, bkd: large local making the transition is tough. When goes into the locally, the corp has lots of expectations. They want her to do every type of stuff. Do not think lesser of smaller cpa firm, you will be doing a little of everything. Six organizational structures get a general idea of these. Proprietorship only one owner, most have changed to organizational forms with more limited liability. General partnership same as proprietorship but applies to multiple owners. General corporation shareholders are liable only to the extent of their investment in the corporation. Professional corporation offer personal liability protection similar to that of general corporations (cpa firm) Limited liability company combines the most favorable attributes of a general corporation and a general partnership. Typically taxed and structured like a general partnership but limited personal liability similar to general corporation.
