practice in individual capacity as well as partner

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sriniwas (Querist)

08 July 2009 Hi,

I have recently applied for COP and planning to join a 15 year old existing firm as partner. I am also planning to do my own practice in my individual capacity.
In this regard, need clarificaiton w.r.to:
1.Can practice simultaneously in individual capacity when I am a pertner in another firm.
2.If yes, shall I intimate the same to instittue ? (I hold COP)
3. Is it better to practice in individual capacity or to float a proprietorship firm.
4. Please also clarify any advantages/disadvantages with the above mentioned arrangements.

Thanks in advance for the help.
V. Srinivas.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)

08 July 2009 1. yes, you can do so.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)

08 July 2009 2. You can practice only after the intimation to ICAI.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)

08 July 2009 3. Both are same. It is your wish however firm name sounds better.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)

08 July 2009 4. Disadvanctage - You will not be alloted any bank audits in your prop. firm. You need to be in whole time practice in your prop. firm to get audits.

Advantages: 1. You will get benefits of a partnership firm to get exposure as it is very difficult to set practice as your own.

2. You will get exposure on bigger audits.

sriniwas

sriniwas (Querist)

08 July 2009 Thank you very much for the clarificaiton Mr.Sharma, I am under the impression that holding a valid COP entitiles you to practice on your own without any futher intimation to institute. Please confirm, if no, please provide the Format/proceudere in which I have to apply for that.
(need only for practising in individual capacity but not as proprieotor ship firm or partner).
Thank you very much for the help.
regards,
V.Sriniwas.

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