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1 CA Firms can have more than 20 partners on Wed 3 Sep 2014 - 9:31

Club CEO

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CSoC King
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CA firms are now allowed to be registered/reconstituted with more than 20 partners w.e.f 1.04.2014, ICAI Clarification vide Sec.464 of Cos Act 2013.

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rchgiri

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CSoC King
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Dear Friends,

With continuation of the above, please find the link for the said announcement.

http://www.icai.org/new_post.html?post_id=10927&c_id=219


The Council of the Institute has clarified that the earlier restriction of maximum of 20 partners permitted for firms under section 11 of the Companies act, 1956 is no more applicable to the firms as Section 464 of the Companies Act, 2013 has been notified w.e.f 01.04.2014 wherein sub-section (1) provides for a maximum number of partners permissible for business firms at 100 and sub-section (2) provides that nothing in sub section (1) shall apply to an association or partnership, if it is formed by professionals who are governed by special Acts.

Accordingly, as per proviso to the said section, Chartered Accountants firms are now allowed to be registered/reconstituted with more than 20 partners w.e.f 01.04.2014 under the Indian Partnership Act as in the case of a firm under the Limited Liability Partnership Act.


-sd-

Joint Secretary
M&C-MSS
Date: 26th August, 2014

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