Practising chartered accountant
This query is : Resolved
24 January 2012
can a member start practising without obtaining firm registration
please provide how much time it take for cop with firm reg no and what documents need to be attached with it
please provide how much time it take for cop with firm reg no and what documents need to be attached with it
24 January 2012
NO FIRM REGISTRATION NUMBER IS COMPULSORY FOR PRACTICING WHETHER IT IS PROP OR PARTNER
Message likes :
1 times
24 January 2012
I MEAN IT IS COMPULSORY FOR HAVING A FIRM REG. NUMBER WHETHER IT IS A PROP OR PARTNER
23 February 2012
can a member start practising without obtaining firm registration
please provide how much time it take for cop with firm reg no and what documents need to be attached with it
please provide how much time it take for cop with firm reg no and what documents need to be attached with it
10 August 2024
Yes, a Chartered Accountant (CA) can start practicing without initially obtaining firm registration. Here’s how it works and the process involved:
### **1. Practicing Without Firm Registration**
- **Individual Practice:** A CA can start practicing individually under their own name as a sole practitioner. In this case, the CA will practice under their individual Certificate of Practice (COP).
- **Firm Registration:** Firm registration is required if the CA wants to practice under a firm name or if the practice is organized as a partnership or Limited Liability Partnership (LLP). Firm registration is optional for individual practitioners who are not part of a partnership or LLP.
### **2. Timeline and Process for Obtaining Firm Registration**
**Timeline:**
The time required for obtaining firm registration can vary based on several factors, including the completeness of the application and processing times at the ICAI office. Typically, it may take around 1 to 2 months from the submission of the application to obtain firm registration.
**Process and Documents Required:**
1. **Application Form:**
- You need to fill out the `Form 2` for firm registration, available from the Institute of Chartered Accountants of India (ICAI) website or office.
2. **Documents to be Attached:**
- **Certificate of Practice (COP):** All partners must have their individual COPs.
- **Partnership Deed:** If applicable, a notarized partnership deed detailing the partnership terms.
- **Proof of Address:** Office address proof (e.g., lease agreement, utility bill).
- **PAN Card:** PAN card of the firm (if available) or of the individual partners.
- **Photographs:** Recent photographs of all partners.
- **Firm Registration Fee:** Payment of the requisite fee for firm registration.
3. **Submission Process:**
- Submit the completed `Form 2` along with the necessary documents to the local ICAI branch or directly to the ICAI head office.
4. **Verification:**
- ICAI will verify the submitted documents and may request additional information if needed. Once everything is in order, ICAI will issue a registration certificate for the firm.
### **3. Legal and Professional Implications**
- **Compliance:** Practicing without firm registration is legally permissible if you are practicing as an individual. However, if you decide to form a partnership or LLP later, you must obtain firm registration.
- **Professional Standing:** Having a registered firm can enhance the professional standing of your practice and help in establishing credibility with clients.
- **Operational Structure:** Firm registration allows for a structured approach to practice management, including division of responsibilities, financial management, and expansion.
### **4. Conclusion**
A CA can start practicing individually without firm registration. However, if the CA wishes to practice under a firm name or in partnership with others, obtaining firm registration is necessary. The process typically takes about 1 to 2 months and involves submitting the completed application form along with requisite documents to ICAI.
### **1. Practicing Without Firm Registration**
- **Individual Practice:** A CA can start practicing individually under their own name as a sole practitioner. In this case, the CA will practice under their individual Certificate of Practice (COP).
- **Firm Registration:** Firm registration is required if the CA wants to practice under a firm name or if the practice is organized as a partnership or Limited Liability Partnership (LLP). Firm registration is optional for individual practitioners who are not part of a partnership or LLP.
### **2. Timeline and Process for Obtaining Firm Registration**
**Timeline:**
The time required for obtaining firm registration can vary based on several factors, including the completeness of the application and processing times at the ICAI office. Typically, it may take around 1 to 2 months from the submission of the application to obtain firm registration.
**Process and Documents Required:**
1. **Application Form:**
- You need to fill out the `Form 2` for firm registration, available from the Institute of Chartered Accountants of India (ICAI) website or office.
2. **Documents to be Attached:**
- **Certificate of Practice (COP):** All partners must have their individual COPs.
- **Partnership Deed:** If applicable, a notarized partnership deed detailing the partnership terms.
- **Proof of Address:** Office address proof (e.g., lease agreement, utility bill).
- **PAN Card:** PAN card of the firm (if available) or of the individual partners.
- **Photographs:** Recent photographs of all partners.
- **Firm Registration Fee:** Payment of the requisite fee for firm registration.
3. **Submission Process:**
- Submit the completed `Form 2` along with the necessary documents to the local ICAI branch or directly to the ICAI head office.
4. **Verification:**
- ICAI will verify the submitted documents and may request additional information if needed. Once everything is in order, ICAI will issue a registration certificate for the firm.
### **3. Legal and Professional Implications**
- **Compliance:** Practicing without firm registration is legally permissible if you are practicing as an individual. However, if you decide to form a partnership or LLP later, you must obtain firm registration.
- **Professional Standing:** Having a registered firm can enhance the professional standing of your practice and help in establishing credibility with clients.
- **Operational Structure:** Firm registration allows for a structured approach to practice management, including division of responsibilities, financial management, and expansion.
### **4. Conclusion**
A CA can start practicing individually without firm registration. However, if the CA wishes to practice under a firm name or in partnership with others, obtaining firm registration is necessary. The process typically takes about 1 to 2 months and involves submitting the completed application form along with requisite documents to ICAI.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Income Type for interest from government bonds
- TCS ON SOFTWARE SALES
- Not a CA , can we prepare balance sheet
- Valuation of diamonds as on 01.04.2001
- What is meaning of merging of expenses or income in accounts
- Accounting treatment of write off sundry debtors
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- GST RCM not shown in GSTR-3B
- Bill from Dispatched from issue.
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
