I have recently applied for COP and planning to join a 15 year old existing firm as partner. I am also planning to do my own practice in my individual capacity. In this regard, need clarificaiton w.r.to: 1.Can practice simultaneously in individual capacity when I am a pertner in another firm. 2.If yes, shall I intimate the same to instittue ? (I hold COP) 3. Is it better to practice in individual capacity or to float a proprietorship firm. 4. Please also clarify any advantages/disadvantages with the above mentioned arrangements.
08 July 2009
4. Disadvanctage - You will not be alloted any bank audits in your prop. firm. You need to be in whole time practice in your prop. firm to get audits.
Advantages: 1. You will get benefits of a partnership firm to get exposure as it is very difficult to set practice as your own.
08 July 2009
Thank you very much for the clarificaiton Mr.Sharma, I am under the impression that holding a valid COP entitiles you to practice on your own without any futher intimation to institute. Please confirm, if no, please provide the Format/proceudere in which I have to apply for that. (need only for practising in individual capacity but not as proprieotor ship firm or partner). Thank you very much for the help. regards, V.Sriniwas.
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