Cop and directorship

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2011 Hi
I am a recently qualified CA having a sole prop firm with full time COP. But due to lack of work, I am also desirous of working in my family business and hence, would like to become a part of our Pvt Ltd Co.
But there is this issue of directorship. Can I become a director of a Co. in which max shares are held by my family members?
Or should I work as an employee and in that case, full time or part-time?
Kindly guide me the way through this problem.. and also tell me what application forms are to be submitted in this concern...

Thanks

Maninder Jain

Maninder Jain (Expert)
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12 October 2011 The best way in my opinion is to provide professional services to the company and take professional fees.

In such case you would continue to earn Income under head PGBP.
For practicing CAs it is harmful to show income from salary as well as PGBP

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2011 And if I wish to become a director so that I can take care of business too??

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2011 And can I render professional services like Accounting to my family business?

And fees should be paid by a cheque named in my CA firm's name?

Vikas

Vikas (Expert)
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12 October 2011 Agree with co-expert. It is better to provide professional service and receive fees in the name of your firm. You can take care of business as a professional too.