If EY goes public, would existing partnership agreement terms/conditions basically cease? In other words, would a PP’s new ownership (in the form of stock) essentially mean that most (if not all) prior terms (e.g. a forced retirement age) go away?

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I would think PPs would become employees of a new entity - almost certainly a corporation - in which case they cannot have a forced retirement age (violates the Age Discrimination in Employment Act). Although in theory they could do an Up-C and have a partnership remain with a PubCo that is a corporate partner in opco.

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Yes… partnership agreements would go, and new employment agreements would need to be entered into

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I would think that would go public via an umbrella partnership. Partnership remains in tact band a corporation goes on top which is owned by the public.. Our partners are diluted by the cash that comes in from the public

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