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You and two friends agree to practice public accounting together as partners. Each of you agrees to pay $50,000 in capital to begin the practice. What should be your major concerns at the outset of the relationship?

User Ilmiont
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Starting a partnership in public accounting is a significant venture. Major concerns at the outset include clarifying roles and responsibilities, outlining profit-sharing agreements, establishing decision-making processes, and creating a plan for handling disputes or conflicts. Additionally, you should address expectations for workload distribution and client management to ensure a smooth and successful partnership.

User R T
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