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Aicca Rule 504

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Under a research concerning the incorporation of public accounting, researchers have found articles related to it. AICPA once opposed in the incorporation of public accounting in reasons that it may fall under the management of non-accountants. (The CPA Journal Online) When Rule 505 of Code of professional Conduct was already existing (Practice of Professional Corporation), issues arises about the protection of an accountant as shareholder in the corporation. On October 1990, the Council of the AICPA amend Rule 505 of the AICPA Code of Professional Ethics to make it possible for CPAs to practice as "limited liability corporations." The term limited liability corporation" is not a legal term of art. The AICPA's Board apparently uses the term to refer to regular commercial corporations, as distinct from professional corporations ("PCs"), which are already permitted under the existing version of Rule 505. …show more content…

505 par. .01], states, "A member may practice public accounting only in a form of organization permitted by law or regulation whose characteristics conform to resolutions of Council." The Council Resolution (the Resolution) requires, among other things, that a majority of the financial interests in a firm engaged in attest services be owned by CPAs. In the context of alternative practice structures (APS) in which (1) the majority of the financial interests in the attest firm is owned by CPAs and (2) all or substantially all of the revenues are paid to another entity in return for services and the lease of employees, equipment, and office space, questions have arisen as to the applicability of Rule

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849 Words | 4 Pages

An amendment to the certificate of incorporation to delete such a provision shall be adopted by a vote of the holders of a majority of all outstanding stock of the corporation, whether or not otherwise entitled to vote. If the certificate of incorporation contains a provision authorized by this section, the existence of such provision shall be noted conspicuously on the face or back of every stock certificate issued by such corporation. 6) Do courts give more/less scrutiny to Corporations than LLCs or partnerships? This question is answered within the separate deadlock and schism sections.

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1873 Words | 8 Pages

Keller CPA has been asked to audit this dog manufacturing company. Since this company started as family owned business and quickly grew, the sister’s did not have much experience in understanding the accounting principles or in understanding the importance of having internal controls. In order for the business to continue to grow, there needs to be some changes to the way they operate. Smackey Dog Foods has made an important first step by hiring a CPA firm to conduct an audit of their financial statements. The Securities and Exchange Commission can have a pretty big influence on the audit of Smackey Dog Foods, Inc.

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867 Words | 4 Pages

Accounting and auditing firm The scandal's consequences would primarily be a professional embarrassment for auditing and accounting firms. The American Institute of Certified Public Accountants quickly altered the auditing standards of the accounting profession in the United States, prompting auditors to become more proactive in combating fraud. The shareholders

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509 Words | 3 Pages

ISSUES: Can the limited partnership be converted its business form into the limited liability company (LLC) without the approval and/or consent of all limited partners or general managers? Was the restructuring of the limited partnership form invalid? Does this restructuring violate KRS 275.370 and KRS 362.490? RULES: The statue states KRS 275.370 that the limited partnership can be converted into the limited liability company if the terms and conditions of a conversion is approved by “all the partners or by a number or percentage specified for conversion in the partnership agreement or, in the case of a limited partnership, by all the partners, notwithstanding any provision to the contrary in the limited liability company.”

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490 Words | 2 Pages

“This protection is typically referred to as the ‘corporate veil’ or ‘corporate shield’” (Scrofano). Under the LLC code, “Bears Are Us” will realize every benefit of the informal structure of the partnership, but will be better shielded from liability. The company may further benefit from the formally organized and publicly recognized status of the limited liability company

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1139 Words | 5 Pages

However, Marvin would be the limited partner. A limited partnership must have at

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830 Words | 4 Pages

Interested Parties: Greg Garcia: a new assistant professor of biochemistry at Western Institute of Technology (West Tech). He is trying to build good relationship with other colleagues in order for him to get a tenure. Hal Edmund: a biochemist from the East Coast who is visiting the West Tech biochemistry department to give a seminar presentation. Carmen Choi: Greg is help Carmen about making her proposal clearer and more persuasive as his senior colleague, Cheryl, request from him.

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529 Words | 3 Pages

CAASC Rules & Regulations Article 1: Introduction: 1.1 The Carolina’s Athletic Association of Schools of Choice is a not-for-profit organization created to provide competitive athletic competition for non-traditional educational institutions. The CAASC consists of member schools at the Junior High and High School level that wish to participate in interscholastic activities. The member schools include, but are not limited to, charter schools, public schools, home school organizations and parochial schools. It is our goal to help facilitate communication, provide structure and guidelines, organize tournaments and manage the funds necessary for these activities.

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625 Words | 3 Pages

The title of Chapter 2 is "Criminal Courts, Pretrial Processes, and the Exclusionary Rule." The chapter begins with a description of the structure of the U.S. court system, which is a dual court system. A dual court system means that there are both federal- and state-level courts who operate within their own jurisdictions. The United States District Court is the trial court for the federal system.

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449 Words | 2 Pages

The NAADC Code of Ethics are stipulations that dictate the attitudes and behaviors of people. The NAADC Code of Ethics provides guidance for individuals in the addictions behavioral health field to perform as honest and virtuous professionals. The codes suggest identifying your own strengths and weaknesses, skills, and areas that need improvement. The NAADC codes were established to direct the members. The regulations are the criteria of behavior for addiction experts.

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412 Words | 2 Pages

When reading the IAMFC Code of Ethics and AAMFT Code of Ethics I found that they compare significantly, much more than they contrast. Many of the principals coincide. For example, the topic of multiple relationships is one of the many principles that parallel in many codes of ethics. The IAMFC Code of Ethics encourages family counselors to “avoid whenever possible multiple relationships, such as business, social, or sexual contacts with any current clients or family members” (Section A). Similarly, the AAMFT Code of Ethics also requires that therapists “make every effort to avoid conditions and multiple relationships with clients that could impair professional judgment or increase the risk of exploitation.

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There was one student at the University of Oklahoma that was treated with disrespect and inferiority because of how he looked and how he acted. The poor conditions for blacks in schools under the “Separate but equal” doctrine caused the NAACP to file 5 different cases that took out segregation from schools and the Supreme Court’s decision created history. The conditions for black students were horrible and unsanitary. The ¨Separate but Equal¨ doctrine was created in 1896 to keep blacks and whites away from each other (Somervill 28).

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The unresolved questions that attend the exclusionary rule can serve as catalysts of law that could foster harmonious relations among federal and state governments in their common responsibility of balancing individual freedom against governmental regulation and restraint.” In addition, in her Journal of Criminal Law and Criminology article, Expanding Exclusionary Rule Exceptions and Contracting Fourth Amendment Protection, Professor Heather A. Jackson states, “In 1961, in Mapp v. Ohio, the Supreme Court held that the Constitution mandated the exclusionary rule as a remedy of a Fourth Amendment violation in state proceedings. The Mapp Court examined the foundation of the precedent of Wolf, which came to the opposite conclusion, and ultimately

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1588 Words | 7 Pages

Exclusionary Rule, states that if any evidence is illegally obtain for any case cannot be used in court. The case of “Weeks VS United States” is one example of how the exclusionary rule works. (Explain the case) I personally think rule goes well in hand with the fourth amendment. But with the exclusionary rule some would say that it cancels out the Patriot act.

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1231 Words | 5 Pages

Certain rules are in place to ensure that not only citizens are protected against unjust stops and or searches against police. The same rules are also in place to protect police to ensure that they follow certain rules to make sure that the arrests or evidence gathered has been properly obtained. Without rules such as the Fourth Amendment, officers would be able to stop and search people at will and invade privacy, more court cases would also be a result and that would be more time and money spent due to the cost of court procedures. Many might not agree that rules and laws are double sided for their protection, some feel the Fourth Amendment only covers the people that the courts want to and others feel that officers can get around the

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