Legal Question in Legal Ethics in California

CPA as Partner

I am part of a two couple partnership. One of the partners is a CPA. The partnership has been together for over 5 years. The CPA partner has handled the books, there has been money distributed to the CPA's daughter and her boyfriend. Other questionable things have taken place, the partner has now decided to end the partnership. We never were told about the distributions but he is now claiming that we were told of these transactions. Does a CPA have additional Fiduciary responsibilities to the partners beyond what a non-CPA would have?


Asked on 6/15/07, 4:14 pm

1 Answer from Attorneys

Re: CPA as Partner

Partners owe each other fiduciary duties. Additionally, CPA's have certain requirements under their licenses. Thus, it is possible that the CPA can also be subject to discipline for actions taken which are not even illegal.

Seems to me that you want to find out what payments have been made out of the partnership for non-partnership purposes and make sure that you're not being charged for those.

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Answered on 6/15/07, 4:20 pm


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