Business by CA
This query is : Resolved
25 January 2023
Dear Sir/Madam,
Can a practising CA can be a partner in some business? Do he needs to take permission from the institute and what are the other formalities to be done ?
Can a practising CA can be a partner in some business? Do he needs to take permission from the institute and what are the other formalities to be done ?
Dhirajlal Rambhia
(Expert)
25 January 2023
No.
As per the Provisions of Part I of the First Schedule to the ICAI Act, 1949, Claue 4 specifically mentions that:
“A Chartered Accountant in practice shall be deemed to be guilty of professional misconduct, if he enters into partnership, in or outside India, with any person other than a chartered accountant in practice or such other person who is a member of any other professional body having such qualifications as may be prescribed, including a resident who but for his residence abroad would be entitled to be registered as a member under Clause (v) of sub-Section (1) of Section 4 or whose qualifications are recognised by the Central Government or the Council for the purpose of permitting such partnerships.”
As per the Provisions of Part I of the First Schedule to the ICAI Act, 1949, Claue 4 specifically mentions that:
“A Chartered Accountant in practice shall be deemed to be guilty of professional misconduct, if he enters into partnership, in or outside India, with any person other than a chartered accountant in practice or such other person who is a member of any other professional body having such qualifications as may be prescribed, including a resident who but for his residence abroad would be entitled to be registered as a member under Clause (v) of sub-Section (1) of Section 4 or whose qualifications are recognised by the Central Government or the Council for the purpose of permitting such partnerships.”
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