Jaspreet Manaktala (Team Manager) (61 Points)
25 January 2013Can a Chartered accountant be a partner in the family business firm.
Is there any violation of any provision undes Chartered Accountants act ?
Does he need to intimate to the Institute ?
Deepak Gupta
(CA Student)
(15922 Points)
Replied 25 January 2013
| Originally posted by : Jaspreet Manaktala | ||
 |
Can a Chartered accountant be a partner in the family business firm. Is there any violation of any provision undes Chartered Accountants act ? Does he need to intimate to the Institute ? |
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Yes, a member in practice can be a sleeping partner in a family business concern provided he takes specific permission from the Council in terms of Regulation 190A of Chartered Accountants Regulations, 1988.
PRADEEP S
(Finance Manager(B.Com. M.Com. M.Phil. LLB. MA. MBA. MFT. MCS. CA Inter CMA Inter))
(216 Points)
Replied 25 January 2013
You have not specified whether the Chartered Accountant is practicing or not.
If yes, answer is given by Deepak Gupta and
if No, no such restriction, he can do all moral, ethical and legal activities.
Cheers!
CA CS SUMIT GUDDEWAL
(Employed)
(297 Points)
Replied 25 January 2013
he can be a sleeping partner in his family business.
For this u hav to take approval from the institue by submitting a form availaible in the website of icai in members-all forms section
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