CA Partnership firm and personal practice too

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CA.Krishna (Querist)
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06 November 2009 Sear Sir,
I want to form partnership firm with my CA friend.What is the procedure for it? How is it different than normal partnership firm formation?

My friend also want me to surrender my personal practice.In his view a CA firm do not get Bank audit if at least on dedicated partner is not in the firm. He is having his big personal practice too. Is he true? Can i do my personal practice too ?

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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06 November 2009 ur friend is right

CA.SHAHZAD SAYYED

CA.SHAHZAD SAYYED (Expert)
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06 November 2009 Dear Krishna
1) The procedure is very simple, u have to form Partnership Deed by stating partners Capital Contribution, profit Sharing Ratios etc. on Stamp Paper of Rs.500 (minimum)
2) there is no difference as such
3) u need not to surrender ur personal practice but after forming partnership firm u can sign as partner only with the Firm Name
4) it is not true that Firm won't get Bank Audit, it is based on work Experience
5) after forming P.Firm u can not practice with ur own name

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CA.Krishna

CA.Krishna (Querist)
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04 February 2010 thank u dear

CA PARTH SHAH

CA PARTH SHAH (Expert)
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20 August 2014 Where it is written that a partner in ca firm cannot practice in an individual status ?

CA Pratik Shahnand

CA Pratik Shahnand (Expert)
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14 April 2015 Hi Parth,

No where its mentioned that you can not practicce individually once you are partner in CA Firm, but while alloting a Bank Audit to a firm where a partner is practising individually then they do not count that member as partner and accordingly they allot a smaller branch.

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