CA Partnership firm and personal practice too
This query is : Resolved
CA.Krishna
(Querist)
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 ?
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 ?
06 November 2009
ur friend is right
CA.SHAHZAD SAYYED
(Expert)
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
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
(Querist)
04 February 2010
thank u dear
CA PARTH SHAH
(Expert)
20 August 2014
Where it is written that a partner in ca firm cannot practice in an individual status ?
CA Pratik Shahnand
(Expert)
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.
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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