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accting firm structure (1 Viewer)

theone123

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out of curiousity...

are all accting firms all partnerships?

some are named Principals? what business ownership is that?
 

seremify007

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Different firms have different structures ("limited liability partnership" is the title given to this by the Professional Standards Legislation- I think), and whilst they are partnerships, principals/directors exist as the step before partners kindof like a partner without the equity.
 

turtleface

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Also adding to the confusion is that most firms have subsidiaries which are companies, e.g. KPMG Actuaries Pty. Ltd.; Howarth Chartered Accountants Pty Ltd. etc.

The biggest Accounting company is WHK Group, which is also on the ASX. Its really just a collection of individual firms though.

As seremify said Principals/Directors < Partners generally. I've seen that some places like Grant Thornton Melbourne, they call their "partners" directors, i.e. they adopt a more corporate structure
 

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