Formation of ca patrnership firm in delhi ?
This query is : Resolved
17 August 2012
Hello Friends,
I have cleared my ca final examination of may 2012 and now I wanted to start my own CA firm in partnership with my elder brother who is also a CA. Can someone please describe the procedure for CA firm formation in Delhi.
And also a very important question, that, Is a CA partnership firm is required to be registered with the registrar of firms and under Delhi Shops and Establishments Act?
I have cleared my ca final examination of may 2012 and now I wanted to start my own CA firm in partnership with my elder brother who is also a CA. Can someone please describe the procedure for CA firm formation in Delhi.
And also a very important question, that, Is a CA partnership firm is required to be registered with the registrar of firms and under Delhi Shops and Establishments Act?
22 August 2012
i really wonder you are CA and your elder brother is CA still you are asking questions from others.
25 August 2012
CA. Vikash Dwivedi I ask the question here for help not for trash comments.Yes I am a CA and in case you have not noticed I cleared my exams in May 2012 and inexperienced and everybody is not lucky to receive good articleship in big firms.I learned everything of my own,studied day and night without coaching to become CA. We freshers need help from our seniors which I think you don't understand.You are just an expert of giving smart ass comments rather than actually solving the query.
25 July 2024
Starting a CA partnership firm in Delhi involves several procedural steps. Here’s a general outline of the process:
### Procedure for CA Firm Formation in Delhi:
1. **Partnership Deed:**
- **Drafting:** Prepare a Partnership Deed outlining the terms and conditions of the partnership, including profit-sharing ratio, roles, responsibilities, and other relevant clauses.
- **Stamp Duty:** Get the Partnership Deed printed on stamp paper of appropriate value as per Delhi Stamp Act.
2. **Registration of Partnership Firm:**
- **Optional Registration:** Although registration of a partnership firm is optional, it is advisable to register with the Registrar of Firms for legal recognition and to avail certain benefits.
- **Documents Required:** Typically, the Partnership Deed, application form (Form 1), prescribed fee, and other relevant documents need to be submitted.
3. **Obtaining PAN and TAN:**
- **PAN:** Apply for a PAN (Permanent Account Number) for the partnership firm from the Income Tax Department.
- **TAN:** Obtain a TAN (Tax Deduction and Collection Account Number) for the partnership firm, required for deducting TDS.
4. **GST Registration (if applicable):**
- **Threshold Limit:** Check if the firm’s turnover exceeds the threshold limit for GST registration.
- **Application:** If applicable, apply for GST registration with the GST department.
5. **Registration under Delhi Shops and Establishments Act:**
- **Requirement:** Register the CA firm under the Delhi Shops and Establishments Act within 30 days of starting operations.
- **Documents Required:** Typically, identity proof, address proof of the firm’s place of business, partnership deed, etc., may be required.
6. **Compliance with Chartered Accountants Regulations:**
- **ICAI Registration:** Ensure compliance with the Chartered Accountants Regulations, including any requirements by the Institute of Chartered Accountants of India (ICAI).
### Specific Answers:
- **Registration with Registrar of Firms:** Although registration of a partnership firm is optional, it is recommended to register with the Registrar of Firms for legal recognition and to protect the partners' rights. This registration is typically done at the office of the Registrar of Firms.
- **Registration under Delhi Shops and Establishments Act:** Yes, the CA partnership firm is required to register under the Delhi Shops and Establishments Act within 30 days of starting its operations. This registration is necessary for compliance with labor laws related to employees' rights and working conditions.
### Steps After Formation:
- **Bank Account:** Open a bank account in the name of the partnership firm using the PAN and other necessary documents.
- **Licenses and Permits:** Obtain any other licenses or permits that may be required based on the nature of services offered or location of the firm.
- **Regular Compliance:** Ensure ongoing compliance with tax laws, accounting standards, and any other regulations applicable to CA firms.
It’s advisable to consult with a legal advisor or a chartered accountant experienced in firm formation to ensure all steps are followed correctly and compliance requirements are met. Each partnership firm's formation specifics may vary based on individual circumstances and business objectives.
### Procedure for CA Firm Formation in Delhi:
1. **Partnership Deed:**
- **Drafting:** Prepare a Partnership Deed outlining the terms and conditions of the partnership, including profit-sharing ratio, roles, responsibilities, and other relevant clauses.
- **Stamp Duty:** Get the Partnership Deed printed on stamp paper of appropriate value as per Delhi Stamp Act.
2. **Registration of Partnership Firm:**
- **Optional Registration:** Although registration of a partnership firm is optional, it is advisable to register with the Registrar of Firms for legal recognition and to avail certain benefits.
- **Documents Required:** Typically, the Partnership Deed, application form (Form 1), prescribed fee, and other relevant documents need to be submitted.
3. **Obtaining PAN and TAN:**
- **PAN:** Apply for a PAN (Permanent Account Number) for the partnership firm from the Income Tax Department.
- **TAN:** Obtain a TAN (Tax Deduction and Collection Account Number) for the partnership firm, required for deducting TDS.
4. **GST Registration (if applicable):**
- **Threshold Limit:** Check if the firm’s turnover exceeds the threshold limit for GST registration.
- **Application:** If applicable, apply for GST registration with the GST department.
5. **Registration under Delhi Shops and Establishments Act:**
- **Requirement:** Register the CA firm under the Delhi Shops and Establishments Act within 30 days of starting operations.
- **Documents Required:** Typically, identity proof, address proof of the firm’s place of business, partnership deed, etc., may be required.
6. **Compliance with Chartered Accountants Regulations:**
- **ICAI Registration:** Ensure compliance with the Chartered Accountants Regulations, including any requirements by the Institute of Chartered Accountants of India (ICAI).
### Specific Answers:
- **Registration with Registrar of Firms:** Although registration of a partnership firm is optional, it is recommended to register with the Registrar of Firms for legal recognition and to protect the partners' rights. This registration is typically done at the office of the Registrar of Firms.
- **Registration under Delhi Shops and Establishments Act:** Yes, the CA partnership firm is required to register under the Delhi Shops and Establishments Act within 30 days of starting its operations. This registration is necessary for compliance with labor laws related to employees' rights and working conditions.
### Steps After Formation:
- **Bank Account:** Open a bank account in the name of the partnership firm using the PAN and other necessary documents.
- **Licenses and Permits:** Obtain any other licenses or permits that may be required based on the nature of services offered or location of the firm.
- **Regular Compliance:** Ensure ongoing compliance with tax laws, accounting standards, and any other regulations applicable to CA firms.
It’s advisable to consult with a legal advisor or a chartered accountant experienced in firm formation to ensure all steps are followed correctly and compliance requirements are met. Each partnership firm's formation specifics may vary based on individual circumstances and business objectives.
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