21 December 2013
Hi friends, Can anyone tell me whether the experience i.e, the credits of a chartered accountant will count while forming llp????? Moreover can llp be entered on individual basis as between two CA's or between their associations and which one will be better??? Plz rply asap....
21 December 2013
practicing CAs are allowed to enter into partnership with other practicing chartered accountants only. Yes, the experience will be given credit for.
with regards to credits, please note that when I form a new firm (whether LLP or partnership firm) by inviting new partners, the firm gets seniority only the basis of its incorporation date.
However, if you convert from partnership to LLP or merge a partnership into a LLP, the seniority granted is that of the oldest firm.
with regards to credits for empanelment (which I am assuming is your question here), due credit is given for the years spent in practice. Forming a new LLP doesn't take away their experience. Refer: http://www.icai.org/new_post.html?post_id=725&c_id=91
CAclubindia
