'A' sole proprietorship CA firm established in 2010 and 'B' sole proprietorship CA firm established in 2016 are going to be merged into a partnership firm. Regarding seniority of the Merged Partnership firm, is it from 2010 or 2016 or 2018?
1 Replies
Prajjwal Kaushik
(Finance Professional)
(6216 Points)
Replied 31 July 2018
Actually, it will depend on the name of the new firm that you are establishing. ICAI has released rules for the same and I'll advice you to have a look at them.
Following are the scenarios possible:
- Name of New Firm: AB & Co. - In such cases the date of establishment regarding senority will be from date of old senior firm i.e. from 2010.
- Name of New Firm: XYZ&Co - It will be from the date of registration of the new firm irrespective of the senority of old firms i.e. 2018
- Name of new Firm: A & Co or B & Co - Then it will be their respective date i.e. 2010 or 2016
Also, you would be required to file an application to the ICAI for the approval of the same.
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