Article being an propeitor
This query is : Resolved
28 November 2016
My friend Pritish is an article in a firm and few months back his father got passed away. His father was a businessman and having a properitory business. He is eldest in his siblings and his other siblings are minor. His mother can't be owner of the business as she is housewife and uneducated. So the ownership is shifted to the elder son Pritish. He don't know that article cant be an properitor and he became the owner.. Later he know about the fact.. So please suggest me something so that I can tell him what to do..
29 November 2016
Yes, u r right, an article can't b an owner of a business in his/her article's tenure. Better he may back his younger sibling in the business, and withdraw his name from proprietor. Or he may stop his articles for some time(in case the siblings are minor) and then again resume his articleship. The second option will result in his attempt for Finals.
29 November 2016
In second option his final attempt will be delayed...
What will happen if he do not disclose the fact of being properitor to ICAI? Can ICAI come to know about it?
29 November 2016
As per the new rules students have to submit articles diary to ICAI. So if he is working as a proprietor then how can he submit that to ICAI. That is the second thing, firstly, how can his principal allow him to engage in a business along with articles?
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