Question ID : 40482

Proprietorship to Partnership

Please help to understand the requirement to convert the existing proprietorship in to partnership on the below scenario- 1. My friend is already in practice as alone 2. I want to join him and covert the same as Partnership 3. He has been in practice for more than 3 years now Please tell me that if we change the name and we enter into partnership then the seniority of my friends earlier as practitioner will be considered. Also, Please help highlight the current rules for taking article under a CA.

If the partnership is formed without changing trade name of proprietorship firm, experience will be counted for seniority. File form. If there was no proprietorship firm earlier, and he was practicing as individual, experience will be counted on personal basis. File requisite form with ICAi. Current rules for article are as per sub-regulation of 2 of regulation 43 of the Chartered Accountants Act. If practice is up to 3 years, 1 article, for 3 to 5 years practice, 3 articles, for 5 to 7 years practice, 5 articles and for more than 10 years practice, 10 articles can be engaged. Refer table 1 of said regulation for detail.