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Not all CPA's Are Created Equal

By Thomas Rose | Tue, 16 Dec 2008

I remember well the limited liability company that an unnamed certified public account prepared for his client and my future clients about three years earlier. The former friends parted ways, and a lawsuit eventually was filed to sort out the expensive mess because the certified public accountant failed to provide a termination or exit strategy for the parties.  He thought a "standard form" covered all circumstances.  It didn't, and the two lawyers who litigated the dispute were the only beneficiaries of the certified public accountant's lack of knowledge (not to mention that his actions amounted to practicing law illegally without a license). Beware of certified public accountants (who are not lawyers, because there are some who are licensed in both law and accounting) who prepare contracts or other legal documents!

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