Networking of CA Firms

Dear All,

I have a few queries about networking of CA Firms.

1. What is the legal status of Networked Firms as a whole ?

2. How is the remuneration shared ?

2. Does it have to operate separate bank account ?

3. Income  Tax and Service Tax Implications ?

4. Any other benefit apart from sharing of resources like CAG empanelment etc.

Thanks & Regards

CA. Binod Kumar Agrawal