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Question 1
Sid has been working for the Huey, Duey, and Louie Professional Company for the last thirty years as a bookkeeper. The company is in the business of accounting work but Sid, himself, is not a CPA. The owners want to make Sid a full partner of the firm. What must Sid do to rise from employee to full owner?
Correct
Incorrect!
Correct
Incorrect!
Correct
Incorrect!
Correct Only members of the designated profession of a PC are entitled to hold ownership interests in their firm. Thus, for Sid to become a member of an accounting PC, he must be a registered CPA with the state and the company must file his credentials and a change of its organizational documents including Sid, with the state.
Incorrect! Only members of the designated profession of a PC are entitled to hold ownership interests in their firm. Thus, for Sid to become a member of an accounting PC, he must be a registered CPA with the state and the company must file his credentials and a change of its organizational documents including Sid, with the state.