proprietpr + partner

This query is : Resolved

CA. NIKHIL CHITTORA (Querist)
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10 October 2016 Proprietorship + Partner in a firm Presently i m proprietor of my firm. soon i will be a partner of newly floated partnership firm. my queries are, 1. can i continue to be a proprietor and partner simultaneously?? is it allowed?? 2. If it is allowed, will i be a full time practitioner in both the firm?? or will i be considered as part time in both the firms?? 3. Will i be able to continue my attest function in both the firms?? 4. so far as bank audit is concerned, which firm amongst the two will not be able to get the bank audit?? 5. presently all the CAs who are interested in becoming partner in new firm are proprietor of their own firms. should we float a new partnership firm or we all should merge and convert the senior most proprietor firm into a partnership firm?? What should be the best way of having this partnership looking to the empanelment criteria of CAG (Bank audit, PSU audit etc.)??