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Partnership with CA Firm

This query is : Resolved 

Dear Sir, I am a newly qualified CA. One CA firm offers me for partnership. should I join that firm as partner after taking FRN or without taking FRN. What is benefit of joining CA firm as partner after taking FRN.

As newly qualified CA join with the firm without FRN.

The Firm Registration Number is obtained by a practising Chartered Accountant to ensure that he/she gets the benefit of a full practice set up. If a newly qualified member intends to join an existing firm as a partner then one has to weigh the option whether your innings in the partnership firm is going to be long term or short term.

If the objective of the member is long term association with the partnership firm, then it is advisable not to obtain Firm Registration Number, otherwise one could opt for it. Beware of the implications of having Firm Registration number for empanelment purpose both from the firm and sole practitioners point of view.

Dear Sir, Suppose I become partner with existing CA firm without taking FRN and remains partner for 3 years, will I be eligible for Statutory Bank Audit Empanelement with ICAI or I still have to wait for further 3 years after making Proprietory Firm with FRN

For Statutory Bank Audit Empanlement, What is requirment 3 years COP or 3 years old firm

In case you want to empanel for Statutory bank audits then you need to have a 3 year standing of the firm, so that you can apply for MEF on ICAI portal in order to become eligible for bank audits.

Dear Sir, I have filled form 18 online on 24/7/2020, but till datd 8/8/2020 it is not approved, but website ask for only 7 days wait. What should I do to get FRN as soon as possible.

You can either raise a ticket on SSP portal or mark a grievance on e-sahayata

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