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STRUCTURE OF CPA FIRMS CPA firms vary in the nature and range of services offered,which will affect the organization and structure of the firms.Three main factors influence the organizational structure of all firms：1.The need for independence from clients.Independence permits auditors to remain unbiased in drawing conclusions about the financial statements.
2.The importance of astructure to encourage competence.Competence permits auditors to conduct audits and perform other services efficiently and effectively.
3.The increased litigation risk faced by auditors.In the last decade,firms have experienced increases in litigation-related costs.Some organizational structures afford adegree of protection to individual from members.
Organizational Structures Six organizational structures are available to CPA firms.Except for the proprietorship,each structure results in an entity separate from the CPA personally,which helps promote auditor independence.The last four organizational structures pro vide some protection from litigation loss.
Proprietorship Only firms with one owner can operate in this from.Traditionally,all one-owner firms were organized as proprietorships,but in recent years,most of them have changed to organizational forms with more limited liability because of litigation risks.
General Partnership This from of organization is the same as aproprietorship,except that it applies to multiple owners.Until recently,all CPA firms were organized as general partnerships or proprietorships.
General Corporation The advantage of acorporation is that shareholders are liable only to the extent of their investment in the corporation.Most CPA firms do not organize as general corporations because they are prohibited by law from dong so in most states.
Professional Corporation Aprofessional corporation(PC)provides professional services and is owned by one or more shareholders.PC laws and the resulting liability protection vary significantly from state to state.PC laws in some states offer personal liability protection similar to that of general corporations,whereas the protection in other states is minimal.This variations makes it difficult for aCPA firm with clients in different states to operate as aPC.
Limited Liability Company Alimited liability company(LLC)combines the most favorable attributes of ageneral corporation and ageneral partnership.An LLC is structured and taxed like ageneral partnership,but its owners have limited personal liability similar to that of ageneral corporation.
The accounting profession has lobbied recently to enact LLC laws in more states.Currently,nearly all of the states have LLC laws,and many of them allow accounting firms to operate as LLCs.
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