Future of proprietorship concerns , what to do???

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manik (Querist)
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24 February 2014 respected sir,
i am a chartered accountant from Amritsar, have started my own practice but every where ( banks, other govt institutions) i am approaching for work, they ask me for partnership firm,my question is, can a proprietorship concern get work or not? even for empanelment purpose,proprietorship concerns not counted, also heard that in near future bank audits will not be allotted to prop. concern,if this would be the case then why formation of prop. concern are allowed , if they don't get any work.than the only options left with them is:
either go for job under old established firm which would exploit them at lower pay scale or continue their practice of tax audit/ consultancy at fees much below the prescribed fees scale , as clients in smaller towns won't pay
my prop.firm is registered with icai from aug,2010, my COP date is 10.02.2010, when would i'll be eligible for bank / rbi empanelment. please reply soon

CA Kedar Sakhardande

CA Kedar Sakhardande (Expert)
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25 February 2014 Hi Manik

I do understand your worries.

All the empanelments normally desire to have partnership firms/ LLPs on their panels.

But you can surely go for pvt clients for which there is no such compulsion,

As far as assignments which require partnership firms you may tie up with other firms, fellow members to have an independent firm which enables you to accept those specific assignments.

Please remember that good efforts are never wasted and please do not get frustrated

Regards.

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