OTHER NEWS - Aug. 16, 1994
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Accounting Firms Convert to Limited Liability Partnerships: KPMG Peat Marwick and Deloitte & Touche both announced the switch from general partnership to protect their partners from personal liability in lawsuits brought against their firms. The conversion affects 16,000 Peat Marwick partners and 1,450 partners at Deloitte & Touche. Without limited liability designation, partners’ bank accounts and other personal assets could be tapped after the firms exhausted all insurance coverage and corporate assets to pay damages in suits charging faulty auditing or consulting work, negligence or wrongdoing. Coopers & Lybrand and Ernst & Young have also converted to limited liability partnerships.
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