Can a practising c.a enter into a partnership with a c.s?
Querist : Anonymous
I read that following people can enter into a partnership with a C.A.
(i) Company Secretary within the meaning of the Company Secretaries Act, 1980;
(ii) Cost Accountant within the meaning of the Cost and Works Accountants Act, 1959;
(iii) Actuary within the meaning of the Actuaries Act, 2006;
(iv) Bachelor in Engineering, from a University established by law or an Institution recognised by law;
(v) Bachelor in Technology from a University established by law or an Institution recognised by law;
(vi) Bachelor in Architecture from a University established by law or an Institution recognised by law;
(vii) Bachelor in Law from a University established by law or an Institution recognised by law;
(viii) Master in Business Administration from Universities established by law or technical institutions recognised by All india Council for Technical Education.
As per definition under CS Act, 1980, CS needs to be a member of the institute it does not state whether he needs to hold a C.O.P or not. My question is, " Can a practising C.A enter into a partnership with a C.S who is not holding C.O.P?
Please reply at the earliest
Querist : Anonymous
a member of Company Secretary (Associate or Fellow), who is in partnership with CS or other professional (CA or Cost Accountant) is said to be in practice.
So for your query, a member of CS can be taken as partner... no need to ask for COP as such
Querist : Anonymous
In this guidance note clause 4.3.2 states, "This clause does not prohibit a Company Secretary in practice from sharing fees, commission or brokerage in the fees or profits of his professional business, with any other member of the Institute or a partner or a retired partner or the legal representative of a deceased partner. Such sharing of fees, commission or brokerage in the fees or profits of professional business is also permissible with members of such professional bodies or with such other persons having such qualifications as may be prescribed from time to time. This provision is made primarily to encourage multi-disciplinary partnership". Doesnt it also imply that the CS has to be in practice?
If he isnt in practice, he can not undertaken certification work. This way his functional responsibility will be very limited in the partnership firm (If at all a partnership firm can be formed)
company secretary : section 2(1)(c)...means a person who is a member of Institute
associate : section 2(1)(a)... means an Associate Member of Institute
fellow : section 2(1)(f).... means a Fellow member of the Institute
(Please note all the definitions are exact.....they start with "means")
whereas section 2(2) says.... a member (Associate and/or Fellow, as the case may be) is deemed to be in practice.....
so?
if CS is in practice....well and good... else by entering into partnership....the said CS will be deemed to be in practice....
The choice is to be exercised by the partners of the FIRM
Querist : Anonymous
Both practicing C.A and non practicing C.S are my clients i have to advice them whether it is possible to form a partnership between them for the purpose of financial consulting and the C.A is not sure whether he can enter into this partnership. I am not able to find clear cut yes/ no reply to this question.
Answer is YES, provided the said C.S. is member of the ISCI.
Guidance Note of ICSI is not applicable to CA. It is applicable to CS
CA to go by the rules made by ICAI.
Querist : Anonymous
The clear answer is YES......no need to INSIST on COP of CS
Querist : Anonymous
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