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Partnership

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Partnership

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by MikeLittle.
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  • February 8, 2016 at 7:40 pm #299744
    Abror
    Member
    • Topics: 75
    • Replies: 38
    • ☆☆

    Agreement provision:
    Competition…
    I didn’t get this point…How can any partner compete with the firm?
    Could you explain with an example..?
    Thanks…

    February 9, 2016 at 7:22 am #299777
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23322
    • ☆☆☆☆☆

    Where there is a firm of accountants and one of the partners meets a person in a bar in the evening. The person tells that he had a meeting today with one of the other partners of the firm with a view to appointing the firm as his accountants, but he was reluctant because the fee quoted seemed very high at $2,000

    Our man at the bar says to this prospective client “I will do the job for $1,500 but this arrangement is strictly between the two of us. No one else should know”

    That’s how one partner can compete with the firm

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