Ed. note: an earlier version of this story had the word “rumor” in the headline. One day after publication, Bloomberg Tax confirmed that BDO USA LLP will form a professional services corporation, to be named BDO USA P.A. Said BT: The new structure allows the firm to realize certain tax benefits and other advantages that “position our firm for ongoing success as we continue to grow and transform,” BDO said in a statement.
For those who have been paying attention and noticed us teasing a big story coming out of BDO for months now I’m sorry to say this is not it. I’d also like to say that while I totally understand the accusations of “clickbait” and “bullshit” (I see you, Fishbowl), that’s not why we can’t report on it yet. Just getting those ducks in a row, thank you for understanding.
Anyway here’s some buzz I can report: multiple sources have told us BDO is switching from a partnership structure to a corporate one on July 1. From what we’re told by two sources, this was announced on a partner call a week or two ago. A Fishbowl post that was reported and removed shortly after it was posted also mentions this announcement and the avenue through which it was communicated. Screenshots or it didn’t happen. Oh wait.
Said one of our tipsters:
The junior partners are likely getting screwed and looking to jump.
Let you know if we hear more. /notclickbait For now, BDO USA, LLP is a Delaware limited liability partnership.