Can a chartered account be a partner in a family business

Originally posted by : Jaspreet Manaktala
	Can a Chartered accountant be a partner in the family business firm. Is there any violation of any provision undes Chartered Accountants act ? Does he need to intimate to the Institute ?

Yes, a member in practice can be a sleeping partner in a family business concern provided he takes specific permission from the Council in terms of Regulation 190A of Chartered Accountants Regulations, 1988.

You have not specified whether the Chartered Accountant is practicing or not.

If yes, answer is given by Deepak Gupta and

if No, no such restriction, he can do all moral, ethical and legal activities.

Cheers!

he can be a sleeping partner in his family business.

For this u hav to take approval from the institue by submitting a form availaible in the website of icai in members-all forms section