Hello,

I want to start a law firm with 2 other partners and 1 associate.

- So the first question is how should I organize this firm. Should this be an LLP or a pvt. ltd. or some other entity. The LLP route seems to be the most touted of all formation options these days. Any insights here?

- Once formed, what are the tax consequences for a law firm. So, let's say I collect 10,000 from a client for a court appearance, how much of that should I set aside for tax. Service tax?

- Other than tax, is there anything else I would owe anyone else (including any other governmental fees).

- Should the client receipts (money) be deposited in a separate bank account? If so, how do we open a corporate bank account? What banks are good for law firms? Banks with lower fees?

- Should I hire an external CA company to manage the books of the firm? If so, how much do they charge? They take a monthly retainer, may be? Or may be work on a mutual cooperation of services basis?

- How about recruiting associates?
Is there an advantage to hiring them on "retainer" rather than as "employees?" If they are employees, then there has to be some implication on taxes, shouldn't it? And any benefits (like health insurance etc)?

Please help!

Thank you,
Rao

Dear Sir,

I am A Chartered Accountant and a B.com(3yrs) from an Indian University.Am I eligible for taking up CPA course of USA? I would hereby like to clarify that I am interested only in job in USA and not certification.I also want to know the prospects of my present qualification for taking up a job in USA.

Thanking You

Why ECONOIMC TIMES newspaper cost Rs. 10/- on Saturday and Sunday??

I wonder whether Resident migrating to USA
and changing Resident Bank Savings Account
into NRO Savings Account be able to remmit
Deposits,Fix Deposits amount either on maturity or Otherwise?
I understand Interest and Dividends canbe be remiited from NRO bank accounts.
Please advice.
Thakkar

In the new Form 15H,I have doubt on TWO columns- namely the following for Assessment year 2014-15 for which this form is to be submitted now:
Col-21:Estimated total income from the sources mentioned below:
(I think I have fill up here the total amount which I would receive from this branch during FY 2013-14. Of course mine is only Interest Income. Kly clarify.)

Col-22:Estimated total income of the previous year in income mentioned in Col - 21 to be included

(This is not clear to me. For Assessment year 2014-15 for which Form 15H is to be submitted now, "previous year" is normally taken as year ending 31.3.2014. In that case the amounts in columns 22 & 23 are the same.)

Since I am outside India on personal tour, IMMEDIATE response will help me to submit Form 15H in time.

Dear Sir


Presently iam staying in Dubai, and working as a accountant in Dubai company,
My boss is a chartered Accountant(Finance Manager)

Doubts:
1)It is mandatory to complete my articleship in CA Firm Only

2)My boss is also completed his Chartered Accountant- it is possible to do articleship near my boss

3)Is it mandatory that we must complete 9 months of articleship before Attending IPCC.

What is the actual process,and where we can complete our articleship.

If I leave my job, then it is very difficult for me.
So please advice me and Guide me,

Yours Sincerely

Student

can we take on input vat tax credit on vat paid on printing & Stationery

how to consider closing stock value of stock in balance sheet

I have not completed 1 year of articleship and i am planning to take transfer.I had a query, do i have to give a written reason for transfer alongwith form no 109? or submitting form 109 alone will do?

As per Rule 48(a)(iv) of Company Secretaries (Amendment) Regulation,
2001, a person having served as Assistant for more than 4 years in any
field like Finance, Accounts, Legal, Administrative or Secretarial
department under a State/Central Govt. with fixed assets of Rs.50L or
more can claim exemption from 15 months practical Training. Does the
definition of such an Assistant also include a “Personal Assistant”
under the Govt.? Please define “ASSISTANT” under the said Regulation
with special reference to the status of a “PERSONAL ASSISTANT’
attached with Top Executives under the Govt. and also clarify in clear
terms if such a Personal Assistant having practical experience for
more than 4 years under the Govt. would qualify for exemption from
Training? warm regards.