can practicing chartered accountant become a partner in LLP

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priyanka (Querist)
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22 July 2010 Hi All,

Can a practicing chartered accountant become a designated partner in LLP which main business is trading and service providing other than professional services. If yes then can anyone suggest me how to approach to institute if it is required permission from ICAI.

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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22 July 2010 Not allowed by ICAI.

priyanka

priyanka (Querist)
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22 July 2010 but a practicing ca can not become a partner in partnership firm because as per partnership act, all partners have unlimited liability where as in LLP, designated partner's liability is limited as per LLP act. Further, if there is any statement from ICAI that a practicing ca can not become partner in LLP, kindly send me link.

CA. Anoop Gadia

CA. Anoop Gadia (Expert)
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22 July 2010 No Not allowed

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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22 July 2010 my dear friend LLP is not mandatory.

priyanka

priyanka (Querist)
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22 July 2010 I know LLP is not mandatory. I am specifically asking that can any practicing ca become a partner in LLP or not. And if not then can anyone give me link to that guideline or circular issued by ICAI. Second thing, LLP is not purely partnership, its having characteristic of Company as well. Like partner is not agent of LLP so he can come with business with LLP. So any clause applicable to partnership may not be strictly applicable to LLP.

priyanka

priyanka (Querist)
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22 July 2010 kindly reply

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