'A' sole proprietorship CA firm established in 2010 and 'B' sole proprietorship CA firm established in 2016 are going to be merged into a partnership firm. Regarding seniority of the Merged Partnership firm, is it from 2010 or 2016 or 2018?
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Seniority of merged partnership firm
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Actually, it will depend on the name of the new firm that you are establishing. ICAI has released rules for the same and I'll advice you to have a look at them.
Following are the scenarios possible:
- Name of New Firm: AB & Co. - In such cases the date of establishment regarding senority will be from date of old senior firm i.e. from 2010.
- Name of New Firm: XYZ&Co - It will be from the date of registration of the new firm irrespective of the senority of old firms i.e. 2018
- Name of new Firm: A & Co or B & Co - Then it will be their respective date i.e. 2010 or 2016
Also, you would be required to file an application to the ICAI for the approval of the same.
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