Can a part time COP be a sleeping partner in firm while continuing the job.
Can a part time cop be a sleeping partner in a firm
Sudhakar K C (Employee) (77 Points)
11 April 2013
3 Replies
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 11 April 2013
yes .........
CA Vidhi Jain
(service)
(68 Points)
Replied 09 May 2013
if a part time cop holeders adds himself in a firm as sleeping partner ,will the firm get any benefit of adding him in the firm or not?it not then why is part time cop actually granted, can you exaclty explain>
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 09 May 2013
Members in industry hold Part time COP becuase they can use FCA after 5years.... With the firm point of view there no benefit.. but in some cases of audit allotments there is requirement of Minimum no. of partners ,where they consider part time holders also for no. calculation...one more advantage of having part time cop is that one who holds it he can apply for his firm name approval in form 117 & after approval he can get registered his firm name with icai ............
I hope it may clear your doubts...
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