INSTITUTE OF COST & EXECUTIVE ACCOUNTANTS
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INSTITUTE OF COST & EXECUTIVE ACCOUNTANTS
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| "Solo or Group Practice?"Jaffer Manek looks a little light heartedly at the respective merits of sole practice and partnerships of general Practice The UK has more sole practitioner audit firms than partnerships. The statistics show that of 11,500 UK audit firms, 6,500 are sole practitioners - 56%, more than half! Looked down uponThe sole practitioner is looked down upon by many. Recently a solicitor friend of mine asked if he could loan my Members Handbook to look up the details of a particular firm of accountants; he was starting legal proceedings on behalf of his client and wanted to find out a little more about their adversary. A look of smugness appeared on his face when he saw that the accountancy firm was a sole practitioner. He was relieved. Life can be jolly goodBut hold on! It is not so bad to be a sole practitioner. In fact life can be jolly good in many ways. Apart from being a law unto himself, the solo is answerable to no-one except to the Monitoring Inspector and sometimes the spouse. NB -- This Feature has only been partly reproduced for illustration purposes only. |
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