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Regarding partner in a partnership firm

PRIYANKA (Account and Audit Assistant) (65 Points)

09 May 2018

Can a person in a full time service be a sleeping partner in a chartered accountant firm?

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2 Replies

CA Shanky garg (Practicing Chartered Accountant) (217 Points)
Replied 09 May 2018

A person can hold Part time COP and be a partner in a CA firm. But, you won't be able to do attest , verification of docx. etc. Also, that partner will not be considered for audit limit calculation.

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Shrijay Sheth (Co-Founder) (2692 Points)
Replied 10 May 2018

Yes, one can be a sleeping partner in the partnership firm. However, one shall always check the employment agreement, if any. The actions shall be in accordance to the agreement executed.

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