Limited liability partnership
This query is : Resolved
Neha Mason
(Querist)
21 December 2013
Hi friends,
Can anyone tell me whether the experience i.e, the credits of a chartered accountant will count while forming llp?????
Moreover can llp be entered on individual basis as between two CA's or between their associations and which one will be better???
Plz rply asap....
Can anyone tell me whether the experience i.e, the credits of a chartered accountant will count while forming llp?????
Moreover can llp be entered on individual basis as between two CA's or between their associations and which one will be better???
Plz rply asap....
Ajay Mishra
(Expert)
21 December 2013
Go to the following link, it may help you:
https://www.ourprofessionalteam.com/index.php?option=com_content&view=article&id=426&catid=129&Itemid=37
https://www.ourprofessionalteam.com/index.php?option=com_content&view=article&id=426&catid=129&Itemid=37
Nikhil Kaushik
(Expert)
21 December 2013
practicing CAs are allowed to enter into partnership with other practicing chartered accountants only. Yes, the experience will be given credit for.
Neha Mason
(Querist)
21 December 2013
can u plz tell me the page in which credits are allowed is written
Neha Mason
(Querist)
21 December 2013
Ajay Sir i already read the page bt it doent say anything about the credits????
Neha Mason
(Querist)
21 December 2013
Nikhil sir can u plz tell me where it is written dat experience will be given credit????
Ajay Mishra
(Expert)
21 December 2013
Dear Neha
I am not given you answer on credit of CA. It will better to contact with Institute they will better respond thereon.
I am not given you answer on credit of CA. It will better to contact with Institute they will better respond thereon.
Nikhil Kaushik
(Expert)
21 December 2013
Dear Neha,
with regards to credits, please note that when I form a new firm (whether LLP or partnership firm) by inviting new partners, the firm gets seniority only the basis of its incorporation date.
However, if you convert from partnership to LLP or merge a partnership into a LLP, the seniority granted is that of the oldest firm.
Refer: https://icai.in/new_post.html?post_id=5007&c_id=219
with regards to credits for empanelment (which I am assuming is your question here), due credit is given for the years spent in practice. Forming a new LLP doesn't take away their experience. Refer: https://www.icai.org/new_post.html?post_id=725&c_id=91
with regards to credits, please note that when I form a new firm (whether LLP or partnership firm) by inviting new partners, the firm gets seniority only the basis of its incorporation date.
However, if you convert from partnership to LLP or merge a partnership into a LLP, the seniority granted is that of the oldest firm.
Refer: https://icai.in/new_post.html?post_id=5007&c_id=219
with regards to credits for empanelment (which I am assuming is your question here), due credit is given for the years spent in practice. Forming a new LLP doesn't take away their experience. Refer: https://www.icai.org/new_post.html?post_id=725&c_id=91
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