Many firms do not provide a formal orientation for newly admitted partners, who must learn the financial vocabulary of their new status and the financial transformation they must undergo from employee to partner. The new rules of the game can be confusing, but are worth reviewing.

The first rule is to understand just what it is you have been admitted to. Is it a general partnership, professional corporation (PC), limited liability partnership (LLP), limited liability company (LLC) or some other type of business entity?

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