Query related to practise

No. Chartered accountant in practice can not run any business on his own or family business as under.   

 

1. Whether a member in practice can engage as a sleeping partner in family business? Whether the member is required to obtain permission for such engagement?

Ans: A member in practice can engage as a sleeping partner in family business.  He is required to obtain permission of the Council.  It would be necessary for the member to provide evidence that interest of the family business devolved upon him as a result of inheritance/succession/partition of the family business and he would not be actively engaged in carrying out the business and  the business of the family was not created by him.  He is required to submit an application and a declaration in the prescribed format

 

2. Can a member holding Certificate of Practice engageas a partner in a business firm?

Ans: The member holding Certificate of Practice cannot engage himself as a partner in a business firm except as a sleeping partner in family business