General

This query is : Resolved

REEMA (Querist)
Follow

19 September 2013 can a ca in practice having his own proprietorship firm can be a partner in any other firm to make it a partnership firm and if yes then will that partnership firm get the benefit of increase in category of firm for bank audit purpose.I need a general and exact answer for this question without provisions in detail.That is of no use for me.Please help me out.Its urgent.

Ankit

Ankit (Expert)
Follow

19 September 2013 Yes Reema,

A proprietor can become a partner in another partnership firm continuing his individual practice. However, the deed should not contain a clause restricting carrying on of competitive business…..

Yes..it will be an advantage for bank audits…

- Ankit

Message likes : 1 times

REEMA

REEMA (Querist)
Follow

19 September 2013 IS IT SURE THAT FIRM CATEGORY WILL BE ENHANCED..??

Upgrade to CAclubindia Pro. Subscribe Now!

REEMA

REEMA (Querist)
Follow

19 September 2013 SOMEONE TOLD ME THAT IT WILL BE COUNTED AS PART TIME PARTNER AND PART TIME PARTNER IS NOT CONSIDERED FOR THE PURPOSE OF INCREASING CATEGORY OF THE PARTICULAR FIRM.SO,PLEASE TELL ME ARE YOU 100% SURE...??

Ankit

Ankit (Expert)
Follow

19 September 2013 Ofcourse….the firm istotally independent of the proprietorship concern….and has got nothing ot do with it.

If the firm meets the criteria, you will surely get the benefit

Message likes : 1 times

REEMA

REEMA (Querist)
Follow

19 September 2013 I HAVE PUT ONE MORE QUERY.SO,PLEASE HELP ME OUT WITH THAT ALSO.

Tushar Desai

Tushar Desai (Expert)
Follow

19 September 2013 I agree with Mr. Ankit.

and Ms Reema,
A Legal Partnership is an unquestioned status. There is no definition of Part-time & Full-time. There is no description of how you call a work Part-time? The only thing is that the person is a Partner, and he is allowed to hold similar position elsewhere as per the Deed.

So, he doesn't need to worry.

Message likes : 1 times