Starting new Practice - initial steps

DEAR MEMBER

The time to set up an Individual practice has gone . I suggest you two viable option :-

1. If you are really interested in practice , join an existing firm as partner or employee.

2. Attend campus interview of ICAI and got a remunerative job.

- With good wishes

- ca sudhir halakhandi

I feel it wl b better if one start practising his own

In my opinion, your own practice will be beneficial only if your CONTACTS are good. If not, option of obtaining partnership in existing or other CA firm would be good. And what about "Limited Liability Partnership"? If some CA friends start their own LLP, that would be good.

Going for a job will be a good option, since getting in partnership with existing partnership firms will need to invest another 2 to 3 years as nobody will readily give you offer to make you a partner.

Practice is the best you will be the boss here, in job you will work under some one who has done master,so think........

I agree with Sudhir sir.

I set up my practice in 2005. First 1 year I sufferred a lot with no money, humiliation while executing the work, Second year I adjusted to the environment. Third year onwards only it is great. Now I am the boss of my profession. I can dictate the clients. I charge the fees I wanted. If anybody (My boss - i.e.clients) dictates me I say "Get out". If you have headweight better start profession otherwise become a slave in company saluting your boss and wait for the month end biscuits.

I agree with Jitender

Really appriciate the spirit of Sathyanarayana. If you are ready to bear the pain for the initial one or two years and dedicated you will be the winner. In no way a job (what ever the salary may be) is comparable to independent practice (whether solely or in partnership). Reg contacts - yes it helps a lot but dont warry if you dont have it. If you have knowledge, courage and marketing skill, you can make it quickly. Few years experience in a job will help you in setting up your practice but again it is also possible to start practice from the very begeining (though the same will be a bit more painfull at the initial days).

Once you are successful in your practice your self satisfaction will be much much more than in a job.

I am a law graduate and Company secretary and worked for 6 years both in India and abroad. Now I am planning to return to India and start my own practice.